Posted on 06/17/2010 7:05:11 AM PDT by 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.
(Excerpt) Read more at blogs.investors.com ...
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 isnt taken.
Another time bomb waiting to go off.
Gubermint unions are bankrupting our country...
http://www.pensiontsunami.com/public.php
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.