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The Future of Public Employee Retirement Systems$
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Olivia S. Mitchell and Gary Anderson

Print publication date: 2009

Print ISBN-13: 9780199573349

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199573349.001.0001

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Estimating State and Local Government Pension and Retiree Health Care Liabilities

Estimating State and Local Government Pension and Retiree Health Care Liabilities

Chapter:
(p.19) Chapter 2 Estimating State and Local Government Pension and Retiree Health Care Liabilities
Source:
The Future of Public Employee Retirement Systems
Author(s):

Stephen T. McElhaney

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199573349.003.0002

Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether the methodology used to calculate these liabilities is appropriate, since the private sector calculates retirement system liabilities using different methods and assumptions. This chapter reviews and critiques current actuarial and accounting standards under which governmental retiree liabilities are calculated and compares and contrasts these standards to those used by private sector employers.

Keywords:   actual accrued liability, actuarial standards, discount rate, Entry-age Normal Method, Financial Accounting Standards Board, Governmental Accounting Standards Board, health-care benefits, pension valuation, other post-employment benefits, projected unit credit method

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