By Marc Joffe, includes “…While one might think that an agency would be able to simply pay off its unfunded actuarially accrued liability (UAAL) and leave the system, this is not the case. Although both the unfunded liability (now known as the Net Pension Liability under GASB 68) and the termination liability are calculated by estimating and discounting future benefit payments (netting out assets), the discount rates used are quite different. …”