While stricter, new accounting and reporting standards for public pensions show that most are not contributing enough to improve their funding status, Moody's says that will have a "modest" impact on these plans' credit ratings. 

One of the new standards issued by the Government Accounting Standards Board, GASB 67, was implemented last year, and is affecting the 2014 financials of pension plans now being released. The other new standard, GASB 68, will be implemented for plan years ending on June 15. 

Together, the two require pensions to report a "depletion date," to determine whether plan assets are projected to be sufficient to cover benefits for current participants. 

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.