State and Local Government Pensions at the Crossroads
The CPA Journal
pension funds; local government; state government; accounting; accounting standards
Accounting | Business
Underfunding, questionable investment decisions, imperfect assumptions on future market returns, declining interest rates, and the structure of defined benefit plans have created a fiscal crisis for many public pension funds. The implementation of several recent GASB pronouncements has made these problems more apparent and distinct to the public. The authors examine the current reporting challenges, describe the approaches taken by some governments, and suggest their own potential solutions.
Foltin, Craig L.; Flesher, Dale L.; Previts, Gary J.; and Stone, Mary S., "State and Local Government Pensions at the Crossroads" (2017). Business Faculty Publications. 303.