Segal Comments on Pension Accounting and Financial Reporting to the Governmental Accounting Standards Board
August 24, 2009
The Segal Company recently submitted a letter to the Governmental Accounting Standards Board (GASB) in response to its Invitation to Comment (ITC) on Pension Accounting and Financial Reporting. As a leader in providing actuarial and consulting services to state and local governments, Segal is active in the development and implementation of public sector employee benefit programs.
Cathie Eitelberg, Senior Vice President and National Public Sector Market Director, said that "Segal's letter was prepared by a team of actuaries who specialize in public sector pensions and focused on the issues of accountability, transparency, interperiod equity and decision usefulness. Based on our knowledge of the public sector, and consistent with prior responses, we outline why reporting the market value of liabilities is inappropriate in this sector."
Segal's complete comments may be viewed here: http://www.segalco.com/uploads/GASB-ITC-response.pdf