Last week, the Governmental Accounting Standards Board, or GASB, finalized new rules to make pension funding more transparent. These new rules require governments to use more appropriate discount rates than most public pension plans have been using. Pension plans with sufficient funds set aside to pay future benefits can continue to discount future liabilities by current investment...

Recently, Sen. Bill Brady suggested that local pension accountability would lead to property tax increases (Pension imbalance, May 13, 2012). Not true. The state already increased everyone’s income taxes to pay for pensions. Cutting state expenses will allow for lower taxes. If the state doesn’t reduce pension costs, then other education spending will face cuts....