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At April Meeting, GASB Simplifies Accounting for State Retirement System Liabilities (PDF)
Groom Law Group May 15, 2012 "At the Governmental Accounting Standards Board (GASB) meeting April 18th through the 20th, the Board voted to greatly simplify the manner of apportioning the underfunding of typical state retirement systems among the individual participating employers. But the Board retained its original proposal that those apportioned liabilities should appear as liabilities on each participating employer's balance sheet beginning as early as 2014.... What remains uncertain is what the precise effects [will be]. Of particular concern and uncertainty will be the impact of the additional liabilities on public bond markets, on the rating agencies, on legal or contractual limitations on liabilities on the part of such participating employers, and whether efforts to enact specific state laws reallocating liabilities or reducing benefits will come about as a result." |
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