About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

PAD-78-47 1 (1978-02-23)

handle is hein.gao/gaobaawrw0001 and id is 1 raw text is: COMPTROLLER GEZNERA OF THE UNMrEC STATES o WAmaNGTO D -. B-114802 ro 2 . 9 The Honorable Richacd Kelly House of Representatives Dear Mr. Kelly: In your letter of April 27, 1977, you asked the General Accounting Office to prepare a statement of the total contingent liability of the United States. In the request you asked that we include unfunded pensiuns, Social Security obligations and loan guarantees. We were able to assemble a comprehensive set of estimates of loan guarantees, insurance commitments, unadjudicated claims and international commitments outstanding as well as estimated actuarial deficits of the Social Security system and Federal pensions systems as of September 30, 1976. These estimates are reported by the Fiscal Service, Bureau of Government Financial Operations, Department of Treasury. There is a difference between the contingent liabilities resulting from loan guarantees, insurance commitments, etc., and the estimated actuarial deficits of the Social Security and Federal pension systems. Contingent liabilities are conditional commitments which may become actual liabilities if an event over which the government does not have cc-lete control takes place. Actuarial deficits of Social Security and Federal Pension systems are known to exist, but their exact size in future years cannot be determined with complete certainty. Actuarial techniques are used to estimate differences between present and future system benefit payments (Actuarial liabilities) and present and future contributions to the system for the provision of those benefits (Actuarial assets). If a pension system's actuarial liabilities exceed its actuarial assets, an actuarial deficit is said to exist. There are differences in the way such actuarial deficits are calculated, but the underlying concept and its fundamental difference from the concept of contingent liabilities is of particular importance. CONTINGENT LIABILITIES Since each of the contingent liability commitments has its special character and is incurred under particular circumstances, they are, for the most part, presented as PAD-78-47 4 ,--

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most