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How Will GASB's Change in Accounting Standards Affect State and Local Pension Reporting? (PDF)
Center for Retirement Research at Boston College Link to more items from this source
June 21, 2012

"In 2006, GASB embarked on a project to review its accounting standards for pensions ... Three of the main proposals ... pertain to the valuation of assets and liabilities used to measure reported funded ratios. First, changes in the fair value of plan assets would no longer be smoothed over a three to five year period, but rather would be immediately incorporated into the measure of plan assets. Second, projected benefit payments would be discounted by a combined rate that reflects the expected return for the portion of liabilities that are projected to be covered by plan assets and the return on high-grade municipal bonds for the portion that are to be covered by other resources. Third, the entry age normal/level percentage of payroll would be the sole allocation method used for reporting purposes.... [T]this paper takes a look at how the accounting changes will alter the funded ratios of state and local plans."

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