Imperial County retirement board approves GASB 67 correction, updates investment policy and names conference delegates

The Imperial County Employees Retirement System board on March 19 approved a revision to its GASB 67 financial reporting schedules, adopted changes to its investment policy statement, and named voting delegates for the spring conference, all by unanimous voice votes.

The revisions to the GASB 67 schedules correct a misallocation of market‑value assets between safety and general employers, which changed several employer‑level expense and allocation lines but did not change the systemwide funding valuation. The board heard from the plan’s actuarial consultant and voted to approve the corrected GASB 67 schedules so employers can use the revised GASB 68 schedules for their own financial reports.

Board members said the correction was small in dollar terms but important for accurate financial reporting. The actuarial presenter told trustees “there's no change to the funding report,” and…