Proposed GASB Rules Show Why Only Market Valuation Fully Captures Public Pension Liabilities.

The Governmental Accounting Standards Board has released preliminary views on how
public sector pension plans should value benefit liabilities. Because the
GASB’s proposals ignore government’s contingent liability to
pay plan benefits should assets fall short, they omit the full value of plan
liabilities and contradict the GASB’s own standard of
“interperiod equity.”