Thanks to new accounting standards, California’s state and local governments are being forced to acknowledge tens of billions of dollars in previously obscure debt for unfunded pension liabilities.
The Governmental Accounting Standards Board says that “unfunded actuarial accrued liabilities” should be listed on balance sheets along with the more traditional debts.
As those revised balance sheets began to emerge this year, they revealed some hefty numbers – such as Los Angeles County’s $8 billion-plus unfunded pension debt
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