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112161 1 (1980-04-21)

handle is hein.gao/gaobacuqo0001 and id is 1 raw text is: REMARKS OF HARRY F. COFFMAN GROUP DIRECTOR, HUMAN RESOURCES DIVISION U.S. GENERAL ACCOUNTING OFFICE AT THE NATIONAL TAXPAYERS CONFERENCE OF THE TAX FOUNDATION INCORPORATED APRIL 21, 1980 I am pleased to be here today to discuss with you the General Accounting Office report to the Congress on 'Funding of State and Local Government Pension PlanJ: A National Problem. The Congress has long been concerned about the condition of State and local government pension plans. The Employee Retirement Income Security Act of 1974 called for studies of whether similar legislation was needed for such plans. Accordingly, to assist the Congress in its deliberations on the need for legislation, we undertook this study. Almost all public pension plans have unfunded accrued liabilities and will continue to have such liabilities for many years. The major problem posed to State and local governments by any standard for funding, especially Federal standards like those imposed on private employees, would be: how much more they would have to pay each year during the amortization period to finance the unfunded accrued liability. It has been estimated that the unfunded accrued liabilities of all State and local government pension plans were as much

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