Governments are required to report the present value of future defined benefit pension liabilities. How is the discount rate determined?

A. Use the expected return on pension investments to discount all liabilities

B. Use the municipal bond rate to discount funded liabilities and the expected return on pension investments to discount unfunded liabilities

C. Use the municipal bond rate to discount all liabilities

D. Use the expected return on pension investments to discount funded liabilities and the municipal bond rate to discount unfunded liabilities