United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2008-01-29 monographic deposited born digital 32 p. GA 1.13:GAO-08-223 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-223 P0b002ee1803a3e33 f:d08223 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-08-223 machine generated eng fdlp REPORT GAOREPORTS-GAO-08-223 GAO-08-223 Accounting standards Contingent liabilities Funds management Government retirement benefits Health care cost control Health care costs Health care planning Health care programs Health care reform Local governments Pension plan cost control Pensions Reporting requirements Retirees Retirement Retirement benefits State governments State taxes Strategic planning Other Written Product A80230 Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree health liabilities. The extent of these liabilities nationwide is not yet known, but some predict they will be very large, possibly exceeding a trillion dollars in present value terms. The federal government has an interest in assuring that all Americans have a secure retirement, as reflected in the federal tax deferral for contributions to both public and private pension plans. Consequently, the GAO was asked to examine: 1) the key measures of the funded status of retiree benefits and 2) the current funded status of retiree benefits. GAO analyzed data on public pensions, reviewed current literature, and interviewed a range of experts on public retiree benefits, actuarial science, and accounting. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-223/html/GAOREPORTS-GAO-08-223.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-223/pdf/GAOREPORTS-GAO-08-223.pdf GAO-08-223 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-223 Other Written Product GAO-08-223; State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits; Accounting standards Contingent liabilities Funds management Government retirement benefits Health care cost control Health care costs Health care planning Health care programs Health care reform Local governments Pension plan cost control Pensions Reporting requirements Retirees Retirement Retirement benefits State governments State taxes Strategic planning Volume 120 Page 780 120 Stat. 780 Public Law 109-280