Analysis of State Unfunded Retirement Benefits in the United States
Los, Darian, 1997--
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States have not been required to include underfunded pension liabilities on their financial statements until GASB No. 67 and No. 68 was issued in 2012. This means that citizens have not be getting all of information relating to the financial stability of the state. In this project, I gather pension liability data from the states Comprehensive Annual Financial Reports. The data gathered will be used by Truth In Accounting for analysis and reporting to the public. This information will allow citizens to determine the financial stability of their state and if plans are being underfunded, they can call for major pension reforms from politicians. For the majority of the pension plans, the plans are being seriously underfunded, and actions need to be taken to correct this.