Pension Accounting Board To Government: Ignore Our Rules

IBD's Capital Hill ^ | 6/16/2010 | Jed Graham

[Slyscribe]

The Governmental Accounting Standards Board issued preliminary reforms on Wednesday that would balloon the already massive unfunded liabilities of public pensions.

But in anticipation of an outcry from budgeters and public employee unions, GASB, which sets accounting standards for state and local governments, made clear that it is only a scorekeeper, not a referee.

GASB emphasized that its reforms would only apply to the financial reporting of pension liabilities, not to the way governments go about funding — or, more accurately, underfunding — their pension plans.

[WOBBLY BOB]

Study: States must fill $1 trillion pension gap

http://www.msnbc.msn.com/id/35448576/ns/us_news-life

HARRISBURG, Pa. - States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isn’t taken.
Another time bomb waiting to go off.

Gubermint unions are bankrupting our country...

http://www.pensiontsunami.com/public.php