New Rules to Report Long-Term Care Costs of Public Employee Retiree Plans

July 5, 2004 New Rules to Report Long-Term Care Costs of Public Employee Retiree Plans New accounting standards will require state and local governments to acknowledge the full cost of health benefits promised to retirees, increasing pressure on public employers to reduce their liabilities by scaling back benefits or shifting more of the cost to retirees. The rules, developed by the Governmental Accounting Standards Board, an independent non-profit organization, will apply to all state and local governments. They require employers to measure and report the long-term costs of retiree health benefits while employees are still working. Under . . .