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Pension chief: Mossburg ignores reforms
In her latest column, "Maryland's debt bomb" (Dec. 5), Marta Mossburg cites a report by the State Budget Solutions that Maryland's "pension obligations to state employees are about $48.2 billion." Ms. Mossburg and other critics of defined benefit plans continue to make such erroneous assertions by calculating public pension liabilities using economic assumptions and financial theory that comport with neither historical experience nor accounting standards endorsed by the Government Accounting Standards Board, the Government Accountability Office, or any other credible accounting or actuarial authority.
December 10, 2012