Wednesday, September 30, 2020

NEWSPAPER PUBLISHED WEEKLY ON WEDNESDAY - WEBSITE UPDATED THURSDAY

Home Archive What Taxpayers Need to Know About Government Pensions

What Taxpayers Need to Know About Government Pensions

There has been a lot of talk lately about the costs of public employee pensions and whether governments have set aside enough money to make good on their promises.

Concerns are real — and growing — about these retirement benefits and what must be done to honor the obligations if enough money is not available to cover the benefits public employees have been promised.

When local and state governments have not set enough money aside to adequately fund pension obligations, the conversation very quickly turns to whether making up for the shortfall could mean tax increases, service reductions, or cuts in retirement benefits.

To best understand the size and impact of your government’s pension liability, you should find out what type of pension plan your government offers and its current pension obligations and funded status.

New Standards Offer Transparency

In an effort to equip interested parties with the tools they need to evaluate government pension benefits, new pension standards issued by the Governmental Accounting Standards Board (GASB)—which are set to take effect in 2014— will require state and local governments to plainly show their net liability for pension benefits on the face of the financial statements, alongside other liabilities. The GASB is the independent group that sets accounting and financial reporting standards for U.S. state and local governments.

Under the new standards, anyone interested in pension information will be better able to assess a government’s overall financial picture as it relates to pensions by helping them evaluate such questions as: What pension promises has my government made? How much is it obligated to pay? How is my government doing compared to other communities?

Where to Find This Information

While governments are becoming familiar with and preparing for the new financial reporting standards, there are steps that taxpayers and public employees can take to better understand their governments’ financial obligations:

• Contact your government officials: Ask how your elected officials are preparing for the changes and how they will address funding pension benefits.

• Get talking: Talk to friends, neighbors, and colleagues and share what you know. Find out how pension funding issues may affect the future of your community.

• Stay Informed: As a citizen, you can access pension information on your own through Internet searches or government websites that provide access to local financial reports.

Whether local and state governments are prepared to pay promised pension obligations now and in the future are issues that will affect every taxpayer.

Submissions
Submissions
The Williams Pioneer Review has a small staff of one, covering all of Colusa County; but we’re proud to have the assistance of a large army of community contributors to extend our range and reach. This is one of those stories. If you have a story you would like to share, please email them to: news@colusacountynews.com or give us a call.

More News

Quilters serve local needs, fire victims

Had it not been for a coronavirus pandemic, the Pacific Flyway Quilters would have held their annual Community Service Giveaway Night with a little...

Colusa County Office of Education – Request for Proposals

COLUSA COUNTY OFFICE OF EDUCATION REQUEST FOR PROPOSALS The Colusa County Office of Education (CCOE) is accepting emailed bids for the bulk purchase of LTE Equipment...

CUSD working to get some students back to school

The Covid-19 pandemic has changed modern education in a way never before experience. For most schools in the state of California, getting students back to...

Life, as I see it: Wind down

As the weather turns cooler and days begin to be shorter, I find myself winding down. The business of summer, the craving to spend...

Local Government

City grants permit for cannabis expansion

Colusa’s first cannabis nursery is now looking to expand operations to include full marijana cultivation. The Colusa City Council voted 4-1, on Sept. 15, to...

Local governments spending CARES to boost IT infrastructure

In order to reduce physical interaction between individuals in the era of Covid-19, local governments are using CARES Act funding to invest in better...

County appoints new Airport Advisory Committee

The Colusa County Board of Supervisors on Sept. 1 appointed seven members to the newly restructured Airport Advisory Committee. The previous committee of about 15...

Public & Legal Notices

City of Colusa – Notice of Public Hearing

CITY OF COLUSA CITY COUNCIL NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN THAT THE CITY COUNCIL will hold a Public Hearing in the City Council...

City of Colusa – Notice of Public Hearing

CITY OF COLUSA CITY COUNCIL NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN THAT THE CITY COUNCIL will hold a Public Hearing in the City Council...

County of Colusa – Notice of Vacancy – Colusa Cemetery District

COUNTY OF COLUSA NOTICE OF VACANCY Notice is hereby given that the Colusa County Board of Supervisors  is soliciting applications to fill a vacancy for an...

City of Colusa – Ordinance No. 542

CITY OF COLUSA ORDINANCE NO. 542 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF COLUSA REZONING APPROXIMATELY 5.39 ACRES TO GENERAL COMMERCIAL PLANNED DEVELOPMENT...

Colusa County Resource Conservation District – Request for Statement of Qualifications for Contractors

COLUSA COUNTY RESOURCE CONSERVATION DISTRICT REQUEST FOR STATEMENT OF QUALIFICATION FOR CONTRACTORS FOREST HEALTH PROJECT PHASE 1 IN COLUSA COUNTY The Colusa County Resource Conservation District...