"Public retirement systems will have to make major changes in how they disclose their pension assets and liabilities, under new rules that the board in charge of accounting standards for U.S. state and local governments is set to approve on [June 25].... The reforms were proposed nearly a year ago to give more detail on how pensions affect governments' finances. They will replace the menu of accounting options pension funds currently use with a single system, and will likely make some pension shortfalls appear larger than under current reporting methods."  MORE >>