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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20X6 Change in bene t obligation Bene t obligation at beginning of year Service cost Interest cost Actuarial loss Bene ts paid Amendments Bene t obligation at end of year Change in plan assets Fair value of plan assets at beginning of year Actual return on plan assets Employer contributions Bene ts paid Fair value of plan assets at end of year Funded status Unrecognized actuarial loss Unrecognized prior service cost Net amount recognized Weighted-average assumptions used to determine expense for the scal year ended December 31 Discount rate Weighted-average assumptions used to determine bene t obligation at December 31 Discount rate 675% 750% 0 0 400 (400) 0 (1, 850) 175 360 (1,315) 1, 825 110 110 55 (400) 150 1,850
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2, 000 100 120 (45) (350) 0 1,825 0 0 350 (350) 0 (1, 825) 120 240 (1,465)
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For measurement purposes, a 12% annual rate of increase in the per capita cost of covered health care bene ts was assumed for 20X7 The rate was assumed to decrease gradually to 5% for 20(X + 1)4 and remain at that level thereafter Components of net periodic bene t cost Service cost Interest cost Expected return on plan assets Amortization of prior service cost Recognized actuarial loss Net periodic bene t cost 110 110 0 30 0 250 100 120 0 35 0 255
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Assumed health care cost trend rates have a signi cant effect on the amounts reported for health care plans A one-percentage-point change in assumed health care cost trend rates would have the following effects: 1-Percentage-Point 1-Percentage-Point Increase Decrease Effect on total of service and interest cost components Effect on postretirement bene t obligation Expected Bene t Payments 20X7 20X8 20X9 20(X+1)0 20(X+1)1 20(X+1)2 20y6 Expected contributions during scal 20X7 Exhibit 3810 Sample Postretirement Medical Disclosures for a Public Entity 275 250 225 275 300 1, 175 275 12 190 (10) (175)
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387 EMPLOYERS ACCOUNTING FOR POSTEMPLOYMENT BENEFITS
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The Board concluded that generally accepted accounting principles required recognition of postemployment bene ts on an accrual basis The Board also concluded that two existing Statements, SFAS No 43, Accounting for Compensated Absences, and SFAS No 5, Accounting for Contingencies, speci ed appropriate accounting for postemployment bene ts However, both these Statements speci cally excluded postemployment bene ts Therefore, SFAS No 112 amended SFAS No 43 and SFAS No 5 to include postemployment bene ts (b) STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO 112 As noted above, SFAS No 112 requires employers to recognize the obligation to provide postemployment bene ts under an accrual method of accounting (i) Application (Statement of Financial Accounting Standards No 43 versus Statement of Financial Accounting Standards No 5) The method of accrual accounting required under SFAS No 112 depends on whether the bene t is covered by SFAS No 43 or SFAS No 5 Speci cally, postemployment bene ts that meet each of the following four conditions should be accounted for in accordance with SFAS No 43: 1 The employer s obligation relating to employee s rights to receive compensation for future absences is attributable to employee services already rendered 2 The obligation relates to rights that vest or accumulate 3 Payment of the compensation is probable 4 The amount can be reasonably estimated Postemployment bene ts covered by SFAS No 112 that do not meet these conditions should be accounted for in accordance with SFAS No 5 so long as it is probable that an event causing the liability has occurred and the cost is reasonably estimable In practice, the second item above is the most signi cant in determining whether SFAS No 5 or SFAS No 43 accrual accounting is applicable Since most postemployment bene ts do not vest, accumulation is the key factor In general, the term accumulate means that the bene t varies with an employee s service In other words, a bene t that increases as an employee renders additional service is said to accumulate A bene t that is independent of an employee s service does not meet this standard, and SFAS No 5 treatment should be applied An example of a plan that would require SFAS No 43 accrual accounting is a disability plan that pays income continuation bene ts for two weeks for each year of service an employee has rendered at the time of disability This plan meets each of the four criteria described above Conversely, if the plan provided 10 weeks of income continuation regardless of seniority at the time of disability, SFAS No 5 accounting would apply As with all of the Statements described in this chapter, SFAS No 112 need not be applied to immaterial items Unlike SFAS Nos 87 and 106, postemployment bene ts are much more likely to fall below the materiality threshold for many employers This is due to the nature of postemployment bene t plans, which often pay relatively small bene ts for short periods of time (ii) Differences in Accrual Accounting For postemployment bene ts that are subject to SFAS No 43, a liability and expense must be accrued for all participants covered by the bene t plan in question This includes all active employees who are eligible for the bene t as well as participants who are currently in pay status For active participants, that raises a question regarding attribution Paragraphs 12 and 13 of SFAS No 43 appear to be based on an assumption that accumulating postemployment bene ts should accrue uniformly over all service Looking to SFAS Nos 87 and 106, as SFAS No 112 suggests, SFAS No 43 type bene ts should accrue uniformly over all service unless the bene t accrual pattern is strongly front-loaded In this case, the Statements suggest that the expense accrual pattern should follow the bene t accrual pattern Therefore, a service-based approach following the pattern of bene t accruals should be applied for the attribution of bene ts under SFAS No 43
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