Which of the Following Local Governments Is Least Likely to Report

Which of the following local governments is least likely to report a net pension liability for underfunded pension obligations?

A) A local government acting as trustee for a defined benefit pension plan.
B) A local government participating in a state sponsored defined benefit pension plan.
C) A local government participating in a state sponsored defined contribution pension plan.
D) None of the above, local governments do not report net pension liabilities.