Excerpt: Santa Clara County's unfunded liability of about $850 million over 30 years doesn't look so scary especially since it has already stashed $400 million in a trust fund for that purpose. And San Mateo County's projection that it will need an additional $170 million appears downright rosy. The counties will still have to make tough decisions to meet all their obligations to future retirees. But both cite unique circumstances in explaining why the new reporting requirements from the federal Government Accounting Standards Board haven't cast them into a panic.  MORE >>