National Developments

According to a recent Sacramento Bee article by Jim Kuhnhenn and Andrew Taylor, Obama’s potential 2014 budget could decrease Social Security benefits up to $1,000/year. Read the article here.

The Los Angeles Times article reports on the impact of just released Government Accounting Standards Board (GASB) new pension accounting and reporting rules on local governments. These rules go into effect in 2014 and are intended to increase transparency by

Here is a summary of significant new Government Accounting Standards Board (GASB) rules on pension accounting and reporting from the GASB website:

California’s public retirement systems’ pension obligations were a combined $112 billion beyond the value of their assets in 2010, according to a report released this week, with anticipated retiree health costs adding another $77 billion in unfunded liabilities.

New public pension accounting rules scheduled to be issued next month, once expected by some to reveal massive hidden debt, now seem less likely to trigger a shake-up and are even getting applause from pension officials.