New Accounting Disclosure Standards for Employers Participating in Multiemployer Plans

The Financial Accounting Standards Board (FASB) approved new disclosure standards in July 2011, which are expected to be released in September 2011.  FASB has backed away from the stricter preliminary standards issued last year, which included disclosure of an employer's withdrawal liability and disclosure of an employer's participation in a multiemployer health and welfare plan.  After receiving much public comment, FASB elected to remove these proposed disclosure requirements.  The new disclosure standards require employers to make disclosures including but not limited to:  total contributions to the plans, the zone status of the plans, whether the plans are subject to a funding improvement plan or rehabilitation plan, and the expiration date of the applicable collective bargaining agreements.  In general, the new disclosure standards are significantly reduced from the preliminary standards proposed last year.

Kristina M. Zinnen

Legal Developments

• Private Sector
• Public Sector
• Employee Benefit Plans
• Post-Judgment Collection Options - Abstracts of Judgment and Judgment Liens
• ERISA’s Free Look Rule
• Demonstrating an Illegal Double-Breast
• Guidance on W-2 Health Coverage Reporting:  Multiemployer Plans Exempt, Single Employer Plans Limited
• New California Law Protects Health Coverage During Pregnancy Leave
• HHS to Shift More Control to States to Implement Health Care Reform
• Early Retiree Reinsurance Program to deny reimbursement for claims incurred after 2011
• New Participant Disclosure Requirements effective April 2012
• New Service Provider Disclosure Requirements effective April 2012
• Preparing Your Apprenticeship and Training Funds for DOL Audits
• Ninth Circuit Mandates Stricter Standards for Mental Health Parity
• New Accounting Disclosure Standards for Employers Participating in Multiemployer Plans
• Affordable Insurance Exchanges under the Affordable Care Act
• Coverage of Preventive Health Services under the Affordable Care Act
• New Pension Funding Relief Act
• Information to Be Supplied to Employers and Unions Upon Written Request