Public pensions

While there are pension accounting standards, they allow plans to make more aggressive assumptions about how well they're funded than in the private sector.

The proposal involves how to define the criteria for the component units in pension plans and deferred compensation plans for state and local government employees.

The 50 states have accumulated a combined $1.5 trillion in debt related to pension and other post-employment benefits, while elected officials claimed balanced budgets.

Truth in Accounting wants pension and retirement benefit costs included in state and local government reporting.

The Governmental Accounting Standards Board has released implementation guidance with questions and answers to explain and elaborate on some of its recent standards.

Illinois residents could enjoy lower taxes if their squabbling leaders tackle the debt-riddled state’s biggest problem — its massively underfunded pension system. But that’s a big if.