PLAN ACCOUNTING in .NET

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385 PLAN ACCOUNTING
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bene ts under the plan is determined in accordance with SFAS Nos 87 and 88 as if there were no plan assets In order to improve the security of bene ts to the employees, legal devices such as rabbi trusts have been used to prohibit or limit access to the plan fund by the employer or its creditors Nevertheless, the assets of a rabbi trust are still considered assets of the employer, and the trust accounting is consolidated with the employer s accounting (c) NONQUALIFIED DEFINED CONTRIBUTION PLANS Pure nonquali ed de ned contribution plans are relatively uncommon To constitute a de ned contribution plan, the employer s obligation must be limited to its contributions to the plan, with the employees receiving bene ts based on those contributions plus investment earnings thereon Since most nonquali ed plans are either unfunded or funded indirectly through vehicles such as corporate-owned life insurance, the mechanism to operate a de ned contribution generally does not exist A deferred compensation plan that promises a certain rate of interest on compensations deferred by employees is not a de ned contribution plan, unless the promised rate is equal to the actual after-tax rate of return on the compensations deferred by the employees This situation is not changed if the promised rate is based, for example, on the projected rate of return on certain life insurance policies used to nance the plan The employer s cost for a de ned contribution plan is equal to its contribution to the plan (d) NONQUALIFIED DEFINED BENEFIT PLANS Both SFAS Nos 87 and 88 apply to nonquali ed plans and to any arrangement that is similar in substance to a pension plan regardless of the form or means of nancing For any other individually designed deferred compensation contract, cost should be accrued in accordance with APB Opinion No 12 in a systematic and rational manner over the employee s period of active employment, starting from the time the contract is entered into, so that the full cost will have been accrued at the end of the term of active employment Examples of nonquali ed de ned bene t plans are (1) supplemental retirement plans for selected employees providing retirement bene ts in addition to the employer s quali ed pension plans; (2) bene t restoration plans to restore to the employees any bene ts that may have been restricted by IRC Section 401(a) or 415, or by Section 401(k) on the maximum amount of compensation that can be deferred; (3) deferred compensation or termination indemnity plans promising to credit a rate of interest that is not equal to the after-tax investment return on the assets set aside to nance the plans Golden parachutes are generally accounted for as severance payments Changeof-control pension provisions in a pension plan, which provide certain special bene ts in the event of a change in control of the employer, are handled as termination bene ts under SFAS No 88 In applying SFAS Nos 87 and 88 to a nonquali ed plan, the following factors should be considered: (1) The discount rate should re ect the effect of any tax liability for annuities that may be purchased to discharge the bene t obligation; (2) there is generally no contribution to the plan since any funds set aside to nance the plan remain assets of the employer, except for bene ts paid to the employees or payments made to purchase annuities, for example, to discharge bene t obligations; (3) as a result of (2) above, the expected return on plan assets is zero (whereas the investment return on any assets or funds that may have been appropriated to nance the plan would have already been reported elsewhere as income to the employer); (4) as noted under (2) above, bene t payments are also treated as contributions and, therefore, would reduce the employer s accrued pension cost; and (5) a nonquali ed plan linked to a quali ed plan, such as a supplemental retirement plan providing bene ts that are offset by bene ts from a quali ed pension plan, should nevertheless be accounted for separately from the quali ed plan
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