FASB unveils potential changes to pension disclosure rules
The Financial Accounting Standards Board (FASB) on Sept. 1 released Exposure Draft 715-80 entitled "Compensation - Retirement Benefits - Multiemployer Plans." This exposure draft is extremely pertinent to any union contractor that participates in a multiemployer pension plan, as it could potentially create new disclosure requirements about an employer's unfunded liability in such a plan.
The Association of Union Constructors (TAUC) is working with five other national union contractor trade associations to provide comments to FASB on this exposure draft and its negative impact on the union construction industry. Collectively known as the Campaign for Quality Construction (CQC), these groups represent 22,000 construction industry employers.
Members of the CQC include the International Council of Employers of Bricklayers and Allied Craftworkers (ICE-BAC), the Finishing Contractors Association (FCA), the Mechanical Contractors Association of America (MCAA), the National Electrical Contractors Association (NECA), the Sheet Metal and Air Conditioning Contractors' National Association (SMACNA), and TAUC.
Once the CQC has finalized its comments we will send the information out to all TAUC members.
You can view and/or download the new FASB Exposure Draft by clicking on the link below.
FASB Exposure Draft 9/1/2010