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Wiley GAAP for Governments 2013: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments by Warren Ruppel

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CHAPTER 17

POSTEMPLOYMENT BENEFITS—PENSION AND OTHER

Introduction

Scope and Applicability

Financial Reporting for OPEB by Employers

Termination Benefits

Requirements for Defined Benefit Pension and OPEB Plans

Measurement of Annual Pension Cost and Its Recognition by the Employer

Single-employer or agent multiemployer plans

Cost-sharing multiemployer plans

New Rules for Agent Employers and Agent Multiple-Employer Plans

Effective Date

Measuring Annual Pension Cost—Single-Employer and Agent Plans

Defined Benefit OPEB Plans—Single Employer and Agent Multiemployer Plans

Calculation of the ARC

Parameters for Actuarial Calculations, Including the ARC

Benefits to Be Included

Actuarial Assumptions

Economic Assumptions

Actuarial Cost Method

Actuarial Value of Assets

Employer’s Annual Required Contribution—ARC

Normal cost

Amortization of the total unfunded actuarial accrued liability

Contribution Deficiencies and Excess Contributions

Net Pension Obligation

Liability (or Asset) at the Transition to GASBS 27

Net OPEB Obligation

Annual OPEB Cost

Insured Benefits

OPEB Liabilities (Assets) at Transition for Defined Benefit OPEB Plans

Sole and agent employers

Cost-sharing employers

Recording Pension-Related Assets, Liabilities, and Expenditures/Expenses

Governmental Funds

Proprietary Funds and Other Entities That Apply Proprietary Fund Accounting

Employers with Multiple Plans and Multiple Funds

Cost-Sharing Multiemployer Plans

Recognition of OPEB Expenses/Expenditures, Liabilities and Assets

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