The implementation of the Governmental Accounting Standards Board pension accounting changes are likely to add volatility to unfunded state pension liabilities, which already are in need of significant improvements, Standard & Poor’s said in a report Tuesday.

State pensions are stabilizing but significant improvements are needed to sufficiently fund system levels and it could take several years to accomplish that, the rating agency said in the report, “A Bumpy Road Lies Ahead for U.S. Public Pension Funded Levels.” The report is the rating agency’s annual state pension funding survey. 

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