A recently formed task force of state and local groups has released a guide for elected officials to help them develop pension plan funding policies as they transition to new financial reporting requirements.

Eleven groups, including the “Big 7,” published a seven-page report “Pension Funding: A Guide for Local Officials” which recommends that the most important step state and local governments can take is to base their pension funding policy on an actuarially determined contribution (ADC), which should be obtained on an annual or biannual basis.

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