FASB Disclosure Information
In September 2011, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2011-09,which requires certain financial-statement disclosures by employers who participate in multiemployer pension plans. To assist employers that contribute to the National Electrical Benefit Fund and are required to make such a disclosure in their financial statements, we are providing (below) the plan-related information needed to complete the disclosure.
The disclosure contains two sections - a narrative containing basic information about participating in multiemployer plans,and a table containing plan-specific information about the individual plans in which the employer participates. While the content of the disclosure will be ultimately determined by the employer and their auditors, FASB has provided an example of the narrative portion of the disclosure within the ASU, which may be found on FASB's website (www.fasb.org). The NEBF-specific information needed for the table portion of the disclosure is as follows:
Disclosure About an Employer's Participation
in a Multiemployer Plan
Financial Accounting Standards Board (FASB) Terminology
|
Required Disclosure
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Information Needed for Disclosure
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Pension Fund
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Legal Name of the Plan
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National Electrical Benefit Fund
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EIN / Pension Plan Number
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Employer Identification Number and Plan Number
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53-0181657 / 001
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Pension Protection Act (PPA) Zone Status
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PPA Zone Status as certified by the Plan's actuaries for 2010 - 2024 (inclusive)
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Green (each year)
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FIP / RP Status Pending / Implemented
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Status of Funding Improvement Plan or Rehabilitation Plan
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Not applicable (green-zone plan)
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Contributions of Entity A
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Contributions to NEBF by the Employer
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Data to be provided by the Employer
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Surcharge Imposed
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Has the Plan imposed a surcharge on contributions?
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Not applicable (green-zone plan)
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Expiration Date of Collective Bargaining Agreement
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Expiration Date(s) of Collective Bargaining Agreement(s) requiring contributions to the Plan
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Data to be provided by the Employer
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Other information about the Plan:
- Information about the Plan is publicly available on Form 5500, Annual Return / Report of Employee Benefit Plan
- The Plan year-end is December 31
- No single employer contributes 5% or more of total plan contributions