Reporting pension liability could have big impact on public sector’s balance sheets
WILLMAR — New requirements for how public entities must report net liabilities for defined-benefit pension plans could have a big impact on local government.
Rice Memorial Hospital had a foretaste last week of the pending changes, and the hospital’s auditors said the impact will be widespread.
“This will affect every government entity,” said Dan Vandenberghe of McGladrey LLP, the financial firm that recently conducted the hospital’s annual audit.
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