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Proposed Multiemployer Plan Disclosures

In: Business and Management

Submitted By jthbgcpa
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FASB Announces Project to Address Enhanced Disclosures for Employer's Particpating in Multiemployer Plans On Wednesday, March 17, 2010, FASB made a previously unannounced, though not unexpected, move to add a project to its agenda to enhance the disclosure requirements of an employer's participation in a multiemployer plan. These efforts will be an expansion of existing disclosure requirements under Accounting Standards Codification Subtopic 715-80 (originally FAS 87, FAS 106 and FAS 132(R)). FASB plans to move quickly on this project with the issuance of a proposed standard sometime this summer and a final standard before the end of the year. FASB has not yet indicated when the enhanced disclosures would take effect. Reasons cited for FASB deciding to take up this topic include concerns raised by constituents about perceived deficiencies in current disclosures for mutliemployer plans, including the lack of disclosure about potential for increases in contributions as a result of plans being underfunded. FASB also indicates that these concerns are driven by the significant deterioration in the funded status of multiemployer plans.[1]

For the full text of the FASB Press release, please go to:

[1] The Pension Protection Act of 2006 categorizes plans according to their funded status as being either Green Zone (generally greater than 80% funded), Yellow Zone (generally less than 80% funded but more than 65% funded) or Red Zone (generally 65% or lower in funded status). In a recent presentation made by staff members of the Associated General Contractors of America, they cite statistics which show that by 2009, only 20% of all pensions were in the Green Zone, while 38% were in the Yellow Zone and…...

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