51.1-1003 - Financial reports by retirement systems; auditor to promulgate standards. - Virginia Statutes

§ 51.1-1003. Financial reports by retirement systems; auditor to promulgatestandards.

A. Every retirement system shall publish an annual report, which shallcontain statements prepared in conformance with the standards for publicemployee retirement systems issued by the Governmental Accounting StandardsBoard. Such annual report need not contain the disclosure document reportingsoft dollar transactions as provided in subdivision 3 of § 51.1-1000, whichmay be provided as a separate annual supplemental document, but the annualreport shall include a certification that such system is in compliance withcriterion (i) of subsection A of § 51.1-800. Every retirement system shalltransmit its annual report to the Virginia Retirement System at the same timesuch report is made available to members and beneficiaries.

B. The Auditor of Public Accounts shall incorporate GASB standards forfinancial reporting by public employee retirement systems into the UniformFinancial Reporting Manual and such incorporation of standards shall beimplemented on or before July 1, 1991. All retirement systems' annual reportsfor retirement system plan years beginning on and after January 1, 1992,shall comply with the Auditor's Uniform Financial Reporting Manual. As GASBstandards are modified or changed, the Auditor and the retirement systemsshall update their standards and reports as may be necessary to ensureaccurate and complete disclosure to members and beneficiaries.

(1990, c. 706; 1991, cc. 381, 612; 2004, c. 209.)