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"State and local governments must recognize their pension liability by reporting the 'net pension liability' in their financial statements. 'Net pension liability' is the amount by which the total pension liability exceeds the pension plan's net assets (now referred to as a plan net position) available for paying benefits. When a pension plan's assets are greater than the total pension liability, a 'net pension asset' exists. This reporting change will require governments to report their pension liability as part of its financial position."
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