Column: U.S. cities will pay dearly for unfunded employee pensions

This past month marked the full implementation of two new Government Accounting Standards Board rules affecting the reporting of pension liabilities.

These rules, or, as known in the bland vernacular of accountancy, Statements 67 and 68, require state and municipal governments to report their pensions in ways more like that of private-sector pensions.

The most important issue surrounding the rule change is the way governments must report the level and type of future payment obligations on pensions.

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