State Street Corporation (NYSE: STT) announced today the launch of GASB 67 Performance Reporting. The new performance functionality is designed to help US public funds meet the GASB 67 performance requirements which become effective after June 15, 2014 and intend to enhance pension plan financial reporting by standardizing greater accountability and transparency related to pension plan finances.
In order to meet the new requirements, plan sponsors will have to make significant changes to the timing and methods used to calculate plan liabilities and expenses. State Street’s GASB 67 Performance Reporting solution helps our clients meet these challenges and includes easy access to information through a performance dashboard with interactive views and analytics such as:
- Annual money-weighted rates of return, net of pension plan investment expenses
- Historical annual money-weighted rates of return to support retroactive analysis
- Comprehensive multi-period performance reporting solution on both an annualized and cumulative basis
“As the regulatory environment evolves, our clients must continually adapt their strategies on multiple fronts,” said Mark Schafer, senior vice president at State Street. “We are focused on leveraging our cutting edge reporting and web-based delivery tools to help our clients not only comply with new requirements, but also enrich their portfolio perspective.”
As of March 31, 2014 State Street services public fund clients with assets under custody and administration totaling over $2 trillion.About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $27.5 trillion in assets under custody and administration and $2.4 trillion* in assets under management as of March 31, 2014, State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com. * Assets under management include the assets of the SPDR® Gold ETF (approximately $34 billion as of March 31, 2014), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.