Does a pension plan that takes more investment risk become better funded? Both the current accounting standards and the proposed revisions answer yes, while economic theory and real-world financial markets say no. Until and unless this central question is answered correctly, both the size of pension liabilities and the steps that could address them will be misunderstood.

A panel of retirement experts and public policy economists will address the growing threats to the pension liabilities of states and municipalities.

Washington D.C. can be a leader in public pension accounting reform and provide an example for municipal plans across the country-some of which are in dire condition-of how such reforms can serve to guarantee a stable pension system for municipal workers.

When a benefit liability must be paid with 100 percent certainty, a plan should be considered "fully funded" only when it is capable of paying it with 100 percent certainty. Market valuation satisfies this criterion, while current accounting standards do not.

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."

The Shadow Financial Regulatory Committee discusses what would be required for the development of a single transatlantic market in financial services.

Congress must take steps to gain control of the Public Company Accounting Oversight Board.