Wall Street Journal (July 10)
2012/ 07/ 13 by jd in Global News
“The Government Accounting Standards Board has issued new rules that aim to crystallize government pension liabilities. It failed on that count, but it did succeed, albeit inadvertently, in making the case for defined-contribution plans.” By using artificially high expected rates of return in their calculations, local governments have created a massive pension liability that will eventually come due.
