Title

State and Local Government Pensions at the Crossroads

Document Type

Article

Publication Date

4-1-2017

Publication Title

The CPA Journal

Keywords

pension funds; local government; state government; accounting; accounting standards

Disciplines

Accounting | Business

Abstract

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.

Volume

April

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