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GASB’s New Pension Standards – A Closer Look

Fri, March 15, 8:30 to 10:00am, Meeting Hotel, TBA

Abstract

The concern that state and city pensions are underfunded and may create substantial future economic burdens has been well documented. More transparency by updating existing standards is needed to communicate useful information to stakeholders. GASB has responded by issuing Statement 67 and Statement 68. GASB’s goal is to move pension accounting away from a funding orientation and become more aligned with its conceptual framework to develop and improve accounting standards for governments. Under the new standards, financial statements will better reflect the reality that governments may face as many promised overly generous benefits and failed to put adequate money aside. We believe that improved information is an important step to better decision-making.

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