* Specifies the presentation requirements
for benefit obligations information.
A buyer's existing employees might not experience "separation from service" (a trigger
for benefit payments), unless the buyer purchased at least 85% of a new company's assets.
But BOC wanted to remove age as a factor
for benefit accruals, emphasize length of service and pay and redistribute the pension-plan assets along those lines.
At the same time, regulations governing Section 125 plans have become more restrictive as the need
for benefit restructuring has extended beyond welfare benefits to retiree benefits, including retiree medical.
It is calculated by applying the beginning-of-the-year discount rate to the beginning-of-the-year APBO, adjusted
for benefit payments to be made during the period.
* Allow plan sponsors to plan effectively
for benefit programs.
In many respects, the accounting and financial reporting standards
for benefit plans--be they defined benefit, defined contribution or health and welfare benefit plans--are dictated by ERISA and by Financial Accounting Standards Board Statement no.
Plan two was maintained for the benefit of "outside directors," providing
for benefit payments to begin after retirement or following the termination within three years after a change of control.
Financial challenges, lack of retirement funds and the need
for benefits are some of the reasons older individuals are remaining on the job.
An actuarial valuation is required biennially for employers with membership of 200 or more employees, terminated employees who will be eligible
for benefits, and retired employees and beneficiaries receiving benefits.
What is this country coming to when some in Congress say veterans might need to pay for legal assistance in filing claims with the Department of Veterans Affairs
for benefits they have earned as a result of their service and sacrifice for our nation?