Reuters: Regulatory News: Pension rules positive for US states, locals-Fitch

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Pension rules positive for US states, locals-Fitch Jun 28th 2012, 18:31 June 28 | Thu Jun 28, 2012 2:31pm EDT June 28 (Reuters) - The massive overhaul of accounting for U.S. public pensions that was finalized on Monday is "generally positive" for state and local governments, Fitch Ratings said on Thursday. The new rules approved by the Governmental Accounting Standards Board (GASB) "will reflect a narrower range of assumptions and will recognize changes in a more conservative manner than current standards allow," and will make "more thorough information" available on financial statements," Fitch said. The rating agency said it was concerned about one change - governments will no longer have to report the amount of money their actuaries suggest they pitch in each year.

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