May, 2014

31
May
2014

NJ Digs Deeper Hole by Paying Just $2.4B of $8.8B Retiree Costs

Categories: National Developments,OPEB/GASB 45/75

New Jersey will be paying just $2.4 billion of the $8.8 billion actuaries say the state should allocate for pensions and retiree health benefit costs in the revised budget Gov. Chris Christie has proposed for next year -- a policy decision that exacerbates the state’s long-term fiscal crisis and sticks future taxpayers with the bill.

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22
May
2014

GASB to Release Draft Guidance on OPEB Reporting

Categories: National Developments,OPEB/GASB 45/75

The Governmental Accounting Standards Board is preparing to release a draft statement on other post-employment benefits that will "mirror" the board's new pension standards, GASB chairman David Vaudt told government finance officers. Just as GASB's new pension standards require state and local governments that offer defined-benefit pension plans to report a net pension liability in their financial statements, the OPEB draft guidance would require governments to recognize a net OPEB liability, he said.

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