1 HOW WOULD GASB PROPOSALS AFFECT STATE AND LOCAL PENSION REPORTING? Alicia H. Munnell, Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby CRR WP 2012-17 Date Released: June 2012 Updated: September 2012 ∗ Center for Retirement Research at Boston College Hovey House 140 Commonwealth Avenue Chestnut Hill, MA 02467 Tel: 617-552-1762 Fax: 617-552-0191 http://crr.bc.edu Alicia H. Munnell is the director of the Center for Retirement Research at Boston College (CRR) and the Peter F. Drucker Professor of Management Sciences at Boston College’s Carroll School of Management. Jean-Pierre Aubry is the assistant director of state and local research at the CRR. Josh Hurwitz and Laura Quinby are research associates at the CRR. This paper will be published in the Journal of Government Financial Management. The findings and conclusions expressed are solely those of the authors and do not represent the opinions or policy of the Center for Retirement Research at Boston College. © 2012, by Alicia H. Munnell, Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. ∗ Data in Appendix B have been updated to reflect market asset values as of the actuarial valuation date for the following plans: Massachusetts SERS, Massachusetts Teachers, Missouri Local, North Carolina Local Government, and North Carolina Teachers and State Employees.