State of Alaska will probably show municipal PERS/TRS liabilities as a state liability

Probably the most noteworthy tidbit to come out of the Senate Finance Committee hearing from Tuesday, Jauary 29, was OMB Director Karen Rehfeld’s statement in response to a question from Sen. Hoffman.  Sen. Hoffman asked if there is any plan by the administration to address the issue raised by the new GASB (Governmental Accounting Standards Board) rule requiring local governments to declare PERS and TRS liabilities on their balance sheets.  Ms. Rehfeld said...

that is a new requirement, and they have had discussions about where liabilities occur on financial statements.  At this point, the state has committed to funding the amount over the current cap of 22 percent for PERS and 12.65 percent for TRS.  She said they have not finalized a decision regarding how the state will show that on financial statements, but they will probably commit to showing that on state liability.  

OMB Director Karen Rehfeld during a February 2011 press conference

 

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