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Why Some Public Pensions Could Soon Look Much Worse A Governing analysis shows how a new accounting rule dramatically changes some plans pension liabilities and will likely force many states to finally face their obligations. March 13, 2015 •  Standing in a crowded hallway outside a committee room in the Kentucky State Capitol, House Speaker Greg Stumbo is surrounded by thankful teachers and skeptical reporters. It is mid-February and the committee has just approved his proposal to borrow $3.3 billion to shore up the state’s teacher retirement system. Stumbo has argued that current, historically low interest rates are a window of opportunity to solidify funding for the troubled system. But, notes one reporter, borrowing $3.3 billion would be a challenge since it would be the largest bond offering in Kentucky’s history. 

United statesNew jerseyChristopher santarelliChris christieDavid vaudtGreg stumboSheila weinbergTed williamsonKentucky legislatureRubinbrown public sector services groupJersey superior courtKentucky state capitolHouse speaker greg stumboKentucky teacher retirement systemGovernmental accounting standards boardSecretary gary