You've got to love the way they think:
""We're concerned about confusion of the numbers," said Keith Brainard, research director of the National Association of State Retirement Administrators. "If a plan has a liability of $4 billion, does that mean they need $4 billion today? No. It's an accounting number.""

But then, so is my mortgage.

A balance sheet is meant to reflect all assets and liabilities, not just current but long term as well; its pretty basic stuff. The fact that GASB "accounting rules" allowed long term pension and healthcare liabilities to be ignored or otherwise understated is laughable.

Mayor Adams are you listening? Portland's AAA credit rating is not for long. As soon as these liabilities are finally accounted for and Jack's per capita liability begins to surface on actual financial statements, Portland will lose its borrowing power.

The clueless dolts who run PERS still think they'll get 8% return forever. They must not have read the last 50 memos from the Fed saying that long term interest rates are pegged near zero.

By continuing to assume that PERS return will be 8%, they have avoided making the necessary contributions.

If a private company used this same logic the directors would be sued and/or charged with fraud.

If a private company used this same logic the directors would be sued and/or charged with fraud.

Or get bailed out by taxpayers....

"requiring states and localities to tell some semblance of the truth when it comes to how much they owe to retirees"

Any employer (like the state) that needs a special type of accounting (not GAAP) to tell what they are doing is just not believable.

Govt will just manufacture some bogus indicators and call it good. Heck, everyone thinks we are in great shape at 78% funded (if that is to be believed.) I think that number is probably making some real optimistic assumptions also (plus having the Legislature kick in an extra $1B+ every session helps I'm sure.)

So does this mean that any public servant can opt out of the compelled participation savings plans "offered" by corrupt government investment house thugs?

Wonder if that's why PERS went from providing members with an annual statement of their individual account, to transitioning and OPSRP and not providing any statement the money is there.