MS SC559

Encourages the Government Accounting Standards Board (GASB) to adopt accounting standards requiring governmental entities to account for program output, costs, and achievement of activities undertaken.

Requires clear disclosure of discount rates used in pension liability calculations, including justification for selected rates and pro forma analysis using prevailing ten-year U.S. Treasury bond rates.

Mandates twenty-year projections for pension plans showing annual contributions, fair market value of assets, current liability, funding percentage, and detailed assumptions regarding funding policy, workforce projections, and investment returns.

Directs that a copy of the resolution be provided to GASB to encourage adoption of these enhanced pension plan reporting standards.