"What do I think of the new rules? I welcome anything that increases transparency at public pension funds but at the end of the day, these new rules will only highlight the looming catastrophe that awaits U.S. public pension plans.

"Illinois and Kentucky are already bankrupt, never mind these new rules. No matter what they do, they can't invest their way out of their hole. They're pretty much cooked and will need to lower benefits, raise contributions, raise the retirement age or go the way of Detroit and implement the silly hybrid plan.

--Pension Pulse on new government accounting standards that will require future pension costs to be included on balance sheets and change how they must calculate their underfunding. Read more about Kentucky's unfunded pension liability and free-market solutions to address the commonwealth's public pension crisis here.