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The regulatory frenzy swirling about health care and employer plan accounting, coupled with our aging population and demographic shifts has created a perfect storm. The news is not good for many aging Americans. ["Will Healthcare Costs Bankrupt Aging Boomers?" Richard W. Johnson, Corina Mommaerts, Urban Institute, Feb. 2010.] But this is obviously not breaking news. We are besieged with commentary that Medicare is bankrupt, and the new accounting standards for employers require transparency to market and present value calculations of long-term liabilities, which creates havoc for employers for tax-planning and compliance purposes. [FASB Initiates Projects to Improve Measurement and Disclosure of Fair Value Estimates, FASB announcement 2.18.09; Proposed FASB Staff Position (FSP) FAS 107-b and APB 28-a.]
However, in spite of the burden that these recent regulatory and accounting standard announcements impose, there is a “silver lining” that can help employers avoid burdensome disclosure. From a planning standpoint, state and local governments (“SLGs”), for-profit and nonprofit employers, and their unions can now use a tool that will:
The Problem
Employers that provide post-retiree medical and/or drug coverage are faced with increasing costs, while at the same time they must report the present value of the expected liability to comply with generally accepted accounting principles. This is true whether using Financial Accounting Standards Board (“FASB”), International Financial Standards Board (“IASB”) or Governmental Accounting Standards Board (“GASB”) standards.
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