A California pension plan overcomes leadership turnover and reporting delays with tailored financial assistance from MGO.
Challenge
A long-established California county retirement system faced an unexpected challenge when their fiscal manager and two key accounting staff members departed shortly after year-end. This left the organization without the necessary personnel to close their books, reconcile investment manager statements, or prepare financial statements for their June 30 reporting deadline. Compounding the challenge, they needed assistance preparing a 120-page annual financial report in compliance with Government Finance Officers Association (GFOA) guidelines.
Approach
Having previously worked with MGO as an audit client, the organization turned to our team for immediate support. MGO quickly mobilized, taking a systematic approach to identify and address the plan’s challenges:
- Understanding needs: Initial meetings with senior leadership clarified their priorities and outlined the scope of work.
- Assessing the situation: Our team analyzed where prior staff had left off, identified missing information, and developed a roadmap to close the gaps.
- Streamlining processes: We reconciled complex investment manager statements, cleaned up financial records, and verified data accuracy for June 30 reporting.
- Producing the annual report: Leveraging our extensive knowledge of GFOA standards, we prepared the comprehensive annual financial report and facilitated its review.
By working closely with the organization, we provided continuity, confirmed compliance, and minimized disruptions during a critical reporting period.
Value to Client
Our assistance delivered immediate and lasting benefits, including:
- Timely reporting: The pension plan met its fiscal year-end deadlines without compromising accuracy.
- Operational continuity: MGO’s support bridged the gap created by staff departures.
- Experienced guidance: The team gained confidence in meeting reporting standards and implementing succession planning strategies.
The organization is now better equipped to address future staffing transitions and maintain uninterrupted financial operations.
Future-Ready Planning for Pension Plans
Leadership turnover is a growing trend in the pension industry, with many experienced professionals retiring over the next decade. Succession planning and flexible financial support can help your organization stay resilient in the face of these challenges.
Reach out to our team today (and subscribe to our newsletter) to learn how MGO can support your pension plan’s financial and operational success.