Pensions

A&A

Pension Accounting Standard Stays on Course: GASB

The implementation of a pension accounting standard for state and local governments is still on schedule, after the Governmental Accounting Standards Board last week decided not to delay the timetable of when the new pension guidelines take effect.
A&A

New GASB Toolkit Provides Resources on Pensions

A new online pension implementation toolkit from the Governmental Accounting Standards Board (GASB) supplies preparers, auditors, and users of state and local governmental financial reports with numerous resources on pension accounting and financial reporting standards.
A&A

GASB Makes Fix to Pension Standards

The Governmental Accounting Standards Board (GASB) has corrected a potential issue with the transition provisions of accounting standards on pensions for state and local governments.
A&A

New Toolkit on Pension Plans Available from GASB

The GASB is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new accounting and financial reporting standards.
A&A

GASB Proposal Looks to Ease Transition to Pension Standards

The Governmental Accounting Standards Board (GASB) on July 2 issued for public comment a proposed statement on the transition provisions of GASB's new pension standards for state and local governments.
A&A

GASB’s New Pension Standards Now Available

On August 2, 2012, the Governmental Accounting Standards Board (GASB) published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments.
Tax

Guidance on ERISA Notice for Underfunded Pension Plans

The IRS has provided new guidance on notice requirements under the ERISA for single-employer defined plans, like pension plans, when the plan fails to meet certain funding levels (Notice 2012-46).
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
Tax

IRS Announces Pension Plan Limitations for 2012

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012.
A&A

FASB, GASB: Accountants can be heard on upcoming controversial issues

A series of hearings and roundtables scheduled by the standard-setting boards during October will address two controversial issues: (1) the GASB proposals on accounting for government pensions, and (2) standard setting for private companies and nonprofit entities.