PERAC Memo #6 - 2014: Preparation of the Annual Statement Classes

Preparation of the Annual Statement Classes

Summary

This memo announces preparation of the 2013 Annual Statement, due to PERAC signed and completed by May 1, 2014, with pre-closing December 2013 cashbook and trial balance due by March 3, 2014. It notes Annual Statement materials (including Schedule 7 on investment fee disclosure) are available on PERAC's website or by request, and offers optional training classes on completing the Annual Statement/Schedule 7 (which also count toward board members' 3-hour annual education requirement). Boards must ensure timely submission of both the trial balance/cashbook and the completed Annual Statement, and may register for training via Rose Cipriani if desired.

Full Text

MEMORANDUM #06, 2014 Robert B. McCarthy M E M O R A N D U M TO: All Retirement Boards FROM: John W. Parsons, Deputy Director RE: Preparation of the Annual Statement Classes DATE: January 14, 2014 It is time to prepare the 2013 Annual Statement, which must be completed, signed and returned to the Public Employee Retirement Administration Commission (PERAC) by May 1, 2014. PERAC auditors will be assigned to work with retirement systems to provide technical assistance as needed. The Annual Statement publications consist of the 2013 Annual Statement, a Sample Annual Statement, and the guide, Preparing the Annual Statement. These documents are all currently available on the PERAC website year filings. No new general ledger accounts are referenced for this current filing. Schedule 7 remains to improve the disclosure of investment-related fees.
You can download these documents from our website, however, printed copies of all of the documents will also be available upon request. As you were previously informed via PERAC Memo # 37 of 2013, retirement board members may satisfy their three- hour (minimum) annual education requirement by attending one of the classes listed in that Memo. As always, the class is also open to retirement board administrators. To make reservations, please e-mail Rose Cipriani at RCipriani@per.state.ma.us. MA.
2. Wednesday, January 22, 2014 at 10:00 a.m. at the Springfield Retirement Board, 70 Tapley Street, Springfield, MA. 3. Wednesday, February 5, 2014 at 10:00 a.m. at the Danvers Town Hall, 1 Sylvan Street, Danvers, MA.

The class is titled PERAC’s Annual Statement; Schedule 7. It is a course that covers the basic filing requirements involved in preparing the PERAC Annual Statement, discloses the issues that emerged in analyzing the Annual

Statements filed in the previous 2012 period and discusses the emerging trends in accounting for the issues encountered in prior filing seasons. Your pre-closing cashbook and trial balance for December 2013 should be submitted to PERAC prior to March 3, 2014. If you encounter difficulties with this deadline, please contact PERAC directly. Thank you for your cooperation in this year-end closing process.