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New GASB Rules a Boon for Pension Asset Values — For Now

Public pensions are reporting higher asset values under new GASB accounting standards, according to Fitch. That’s because the new rules require pensions to report the market value of their assets, as opposed to the “smoothed” value. More from Fitch: Most public pension systems are reporting materially higher asset values under the new GASB standards, ...
roulette

Biggs: Public Pensions Take On Too Much Risk

Andrew Biggs, former deputy commissioner of the Social Security Administration and current Resident Scholar at the American Enterprise Institute, penned a column for the Wall Street Journal this week in which he posed the thesis that public pension funds invest in too many risky assets. To start, he compares the asset allocations of an individual versus ...
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Do Public Pensions Need Federal Regulation?

The federal law ERISA – the Employee Retirement Income Security Act of 1974 – regulates many aspects of private pension plans. Should public pension funds be beholden to similar federal regulation? Alicia H. Munnell of the Center for Retirement Research explored this issue in a recent column published on MarketWatch. Munnell writes: In a recent ...
Balancing The Account

Legal Quirks Complicate New GASB Rules in Pennsylvania

The Governmental Accounting Standards Board (GASB) has rolled out new financial reporting rules for pension funds, and the expectation is that the new rules will expose some “red ink”, so to speak, at pension funds who previously kept some liabilities off the books. But implementation and enforcement of the rules is hardly straightforward. Pennsylvania ...
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