Tag: Governmental Accounting Standards Board’s (GASB)
The brief’s key findings are: Despite a strong stock market, the funded status of public plans in 2013 remained unchanged at 72 percent for two reasons: actuarially smoothed assets grew modestly; and CalPERS, one of the nation’s largest plans, significantly revised its reported funded ratio. An encouraging sign is that sponsors appear to be paying…
Introduction States and localities account for pensions in their financial statements according to standards laid out by the Governmental Accounting Standards Board (GASB). Under these standards, state and local plans generally follow an actuarial model and discount their liabilities by the long-term yield on the assets held in the pension fund, roughly 8 percent. Most…