Accounting for benefits, incl. FASB, GASB (BenefitsLink.com)Headlines re Accounting for benefits, incl. FASB, GASB, gathered by BenefitsLink.comThe Intersection of Pension Accounting Reform and Investment Risks- (Found July 11, 2008 ) 16 pages. Excerpt: "In this Perspective, we examine the potential changes to pension and postretirement benefit accounting and how they fit within the context of the broader accounting reform goals that the FASB and the IASB are pursuing in particular, the movement toward 'market value' accounting and a new face of financial statements." (Mercer LLC)http://www.mercer.com/filedownload.dyn;jsessionid=LQ0PCCW2OWRH0CTGOUFCIIQKMZ0QUJLW?idConte... Public Funds Campaign Against Latest Efforts to Value Pension Liabilities at Market Rates- (Found July 11, 2008 ) Excerpt: "A move to market valuation could lead to public plans using a much lower discount rate, such as 4% to 5%, compared with the current 7% to 8.5%, and result in reporting higher liabilities . . . ." (Pensions & Investments)http://www.pionline.com/apps/pbcs.dll/article?AID=/20080623/PRINTSUB/573664753/1031/PIIssu... Guidance Overview Beware of PBGC 'Downsizing Liability'!- (Found July 11, 2008 ) Excerpt: "A downsizing employer with a PBGC-covered pension plan may have to grapple with a PBGC demand to protect that plan in the event it terminates in a distress or involuntary termination within the next five years. The protection may take the form of a bond, an escrow, or -- more likely -- a negotiated alternative, such as an additional contribution to the plan. This article was republished with permission from the Journal of Pension Benefits." (Keightley & Ashner LLP)http://www.keightleyashner.com/main.htm Coalition Tells Congress to 'Get it Right' About Public Pension Funding- (Found July 11, 2008 ) Excerpt: "A coalition of government officials, retirement systems, and unions has sent a letter to Congress saying the use of inappropriate and incomplete information by some organizations distorts the truth regarding public pension finance." (PLANSPONSOR.com; free registration required)http://www.plansponsor.com/pi_type10/?RECORD_ID=41866 GASB Considering Improvements to Accounting Standards for Pension and Other Post Employment Benefits- (Found July 11, 2008 ) Excerpt: "As stated by GASB, the objectives are to improve: accountability or the transparency of financial reporting in regard to the financial effects of employers' commitments (i.e., improve the information provided to help report users assess the degree to which interperiod equity has been achieved), and usefulness of information for decisions relevant to the various users of the external financial reports of governmental employers and pension or OPEB plans." (Deloitte via...http://benefitslink.com/articles/guests/washbull080519a.html Accounting Quandary for Health Benefits in Retirement (PDF)- (Found July 11, 2008 ) 6 pages. Excerpt: "A common reaction to the new accounting standard increased contributions to a pension-like trust, which will be recorded as an expense. There are two predominant views on how best to select the discount rate for measuring OPEB liabilities during the phase-in period. But each has serious deficiencies." (Mark Shemtob via Contingencies)http://www.contingencies.org/julaug08/accounting.pdf |