The known unknowns; Public-sector pensions.(Governmental Accounting Standards Board)
Economist (US), The, November, 2006
New rules will force state governments to come clean about retirement costs
THE promises that politicians make to campaign donors and taxpayers are often good only till the next election. By contrast, the commitments they make to public employees--such as firemen, teachers and bureaucrats--are for life. America's state and local governments are struggling to meet pension and health-care obligations to their retired workers. So many of those governments are dreading a new accounting rule that will make them report clearly on the size of the problem.
The new rule, issued by the Government Accounting Standards Board (GASB) in 2004, goes into effect on December 15th. It will require public-sector employers to treat their health-care promises to workers...
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