If a government had two pension plans; one a locally administered plan for which it is trustee and one a statewide plan to which it contributes; the government would report only the locally administered plan as a pension trust fund in the basic financial statements.

Question

Quizplus · Accepted Answer

Only the pension plan for which the government is trustee is reported in the basic financial statements. The statewide plan is reported as a note to the financial statements.

If a Government Had Two Pension Plans; One a Locally