Which part of the pension plan financial reporting must include investment-related expenditures?

The statement of changes in plan net assets is the correct choice for including investment-related expenditures. This statement provides a comprehensive overview of the financial activity related to the pension plan over a specific period, detailing how assets and liabilities have changed based on various factors including contributions, benefits paid, and investment income or losses.

Investment-related expenditures, such as fees for investment management, transactions costs, or other costs associated with managing the investment portfolio, are critical to understanding the overall financial health of the pension plan. This statement allows stakeholders to see not only the inflows and outflows associated with contributions and benefit payments but also the impact of investment performance and related expenditures on the net assets of the plan.

In contrast, the statement of plan net assets primarily reflects the assets, liabilities, and net assets available for benefits at a specific point in time, but it does not detail the changes in those amounts or provide insight into the operational expenditures related to investments during the reporting period. The schedule of employer contributions focuses on the contributions made by employers, addressing funding levels rather than expenditures. The investment section of the Comprehensive Annual Financial Report (CAFR) typically summarizes investment policies and may provide data or commentary on performance but is not the primary source for detailing investment-related expenditures in financial statements.