Retirement Accounting and the Unfunded Liability.
NAVAL POSTGRADUATE SCHOOL MONTEREY CA
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This thesis examines military retirement costs and the much-publicized 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. Author
- Administration and Management
- Economics and Cost Analysis