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1st Quarter 2009

Quote of the Quarter: “Middle age is you’ve met so many people that every new person you meet reminds you of someone else.” Ogden Nash

FASB Expansion of Disclosures About Postretirement Benefit Plan Assets (PDF)
Excerpt: “On Dec. 30, 2008, the Financial Accounting Standards Board issued FSP FAS 132(R)-1, which amends Statement 132(R) to require more detailed disclosures about employers’ plan assets, including employers’ investment strategies, major categories of plan assets, concentrations of risk within plan assets and valuation techniques used to measure the fair value of plan assets. The FSP has other components. Read more details about the FSP in this issue of Heads Up, by Deloitte.” (Deloitte Development LLC via Financial Executives International)

Reference Guide to 2009 Retirement, Health and Welfare Plan Limits, Social Security and Medicare Changes (PDF)
Excerpt: “[The guide includes] a Table of Retirement Plan Limits from 1990 to Present. Plan administrators must concern themselves with a broad array of annual limits and thresholds that affect a variety of employee benefits. This Reference Guide consolidates these limits to give plan administrators quick access to this information. Page 1 lists updated limits and other cost-of-living adjusted numbers affecting retirement plans. Page 2 lists 2009 health, welfare and fringe benefit plan limits and 2009 figures needed to determine Social Security benefits and contributions. Page 3 lists 2009 Medicare premiums. Page 4 provides key retirement plan-related annual limits from 1990 to 2009. Page 5 provides the 2009 covered compensation tables.” (Hay Group)

FASB Fine-Tunes New Disclosures About Pension and Retiree Medical Plan Assets
Excerpt: “A refined FAS 132(R), Employers’ Disclosures about Pensions and Other Postretirement Benefits, should describe the objectives of employers’ disclosures about their pension, retiree medical and other postretirement benefit plan assets and investment risks, FASB decided at its Sept. 24 meeting.” (Mercer LLC)

Moving Retirees to VEBA-Funded Retiree Medical Plan Could Require New Application for Retiree Drug Subsidy
Excerpt: “The CMS believed that it was necessary to issue this guidance in light of the current trend of employers sponsoring retiree medical benefits that stop providing the coverage and instead contribute to a VEBA trust established specifically to cover such benefits. This trend has arisen out of labor union agreements, bankrup.tcy, and litigation.” (Wolters Kluwer)

Articles courtesy of: Benefitslink.com, Benefitnews.com, Bizjournals.com, AHIP.org, BusinessInsurance.com, NAHU.org, WEBNetwork.org, Insurancebroadcasting.com, SeniorMarketAdvisor.com, SHRM.org, Accountingweb.com, Benefitadvisorsnetwork.com, GASB.org, Medicare.gov, cms.hhs.gov