States have accumulated nearly $1.2 trillion in pension liabilities, but only 19 percent, or $229 billion is currently being reported on state balance sheets.

That means $956 billion in retirement liabilities are effectively being hidden, according to a new report by Truth In Accounting, a non-profit that advocates for transparency in government accounting.

That imbalance will change, says the study, when the second of two new pension accounting requirements issued by the Government Accounting Standards Board take effect next year.

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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.