PENSION PLANS AND OTHER POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS in .NET

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PENSION PLANS AND OTHER POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS
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APB No 8, and the disclosure requirements as stated in SFAS No 36, Disclosure of Pension Information The Statement does not apply to pension or other types of plans that provide life and/or health insurance bene ts to retired employees, although the sponsor of a plan that provides such bene ts may elect to account for them in accordance with the provisions of SFAS No 87 The accounting for the obligations and cost of these other postretirement bene ts is the subject of SFAS No 106 (see Accounting for Postretirement Bene ts Other Than Pensions ) (b) APPLICABILITY OF STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO 87 In substance, there are two principal types of single-employer pension plans: de ned bene t plans and de ned contribution plans SFAS No 87 applies to both kinds of plans; however, most of the provisions of that statement are directed toward de ned bene t plans Appendix D of SFAS No 87 de nes these two types of pension plans:
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De ned bene t pension plan A pension plan that de nes an amount of pension bene t to be provided, usually as a function of one or more factors such as age, years of service, or compensation Any pension plan that is not a de ned contribution plan is, for purposes of this Statement, a de ned bene t plan De ned contribution pension plan A plan that provides pension bene ts in return for services rendered, provides an individual account for each participant, and speci es how contributions to the individual s account are to be determined instead of specifying the amount of bene ts the individual is to receive Under a de ned contribution pension plan, the bene ts a participant will receive depend solely on the amount contributed to the participant s account, the returns earned on investments of those contributions, and forfeitures of other participants bene ts that may be allocated to such participant s account
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The paragraphs that immediately follow address the principal accounting and reporting requirements for a sponsor of a de ned bene t pension plan The provisions of SFAS No 87 that provide standards for other types of pension plans de ned contribution, multiemployer, and multiple employer plans are discussed in Subsections 382(i), 382(k), and 382(m) It should be noted that cash balance plans, which have characteristics of both de ned bene t plans and de ned contribution plans, are currently the subject of signi cant FASB discussion and evaluation In 2002, a group of pension professionals formally requested FASB guidance on the appropriate accounting treatment for cash balance plans Key questions included whether the plans should be accounted for as de ned contribution or de ned bene t in nature and the appropriate attribution to apply if the decision were to treat them as de ned bene t plans In 2003, the Emerging Issues Task Force (EITF) formally began considering the issue and assigned it the identi cation EITF Issue 03 4 The EITF has since reached preliminary conclusions with respect to a distinct subset of cash balance plans (ie, those with xed interest crediting rates) These plans are to be treated as de ned bene t plans and valued according to the traditional unit credit attribution method, which does not re ect future pay increases With respect to the remaining group of cash balance plans which use a variable interest crediting rate, the FASB is still deliberating Preliminary releases indicate that the FASB prefers that these plans record the sum of the hypothetical account balances as the plan liability This would be more of a de ned contribution accounting approach, in that the expense would include the actual allocations made to the account and the actual interest credited as the service cost and interest cost components Still further, the FASB may expand the scope of this new approach to include all de ned bene t plans that pay an immediately available lump sum on termination Final FASB guidance is expected on these cash balance issues during the rst half of 2005 For employers with more than one pension plan, SFAS No 87 generally applies to each plan separately, although the nancial disclosures of the plans in the sponsor s nancial statements may be aggregated within certain limitations
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