GASB Proposes Guidance on Deferred Compensation Plans

The GASB has issued an exposure draft (ED), Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32.

The proposed guidance would “require that all accounting and financial reporting requirements relevant to pension plans be applied to Section 457 plans that meet the definition of a pension plan.”

Comments on the ED are due by September 27, 2019. For more information, see the press release and ED on the GASB’s Web site.