§ 26203 Unfunded Pension Amortization Rules

• •The board can spread out paying for money they owe over time.
• •They have to follow rules from two groups: the Actuarial Standards Board and the Governmental Accounting Standards Board.
• •This is about paying back money they promised but don’t have yet.

Imagine the board promised to pay for teachers' retirement but doesn’t have all the money right now.

Instead of paying everything at once, they can make a plan to pay little by little over many years, as long as they follow the rules from the two groups.