Wednesday, June 08, 2011

Public pensions operate under far laxer accounting rules than private pensions

Public pensions operate under far laxer accounting rules than private pensions CAIVN
"Government pensions, including CalPERS and the other public pension plans in California, are permitted to use far laxer accounting standards than private pension plans.
This allows them to greatly overstate how much money they have and to understate future liabilities, something which does not bode well for the financial health of the funds or for those relying on the money for retirement.
Yes, you got that right.
Federal government rules allow their own pensions, as well as state and local pensions, to ignore rules that private funds must follow."

Where is the outrage?

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