Retirement accounting and the unfunded liability.
Church, Albert T.
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This thesis examines military retirement costs and the muchpublicized unfunded liability that has accrued. Accounting and funding of pension costs in the private sector are analyzed by discussing accepted actuarial valuations and cost methods, Accounting Principles Board (APB) Opinion No. 8, and the Employee Retirement Income Security Act (ERISA) of 1974. Private sector procedures are then compared to retirement plans and procedures in the public sector. Finally, the nature and trend of military retirement costs is presented, followed by arguments as to the relevance of the unfunded liability. The thesis concludes with the observation that the growing governmental liabilities for retirement and social programs need formal recognition. The controversy surrounding military retirement costs, a small and relatively stabilized portion of this liability, is considered to be over-emphasized.
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