Since 2011, the Financial Accounting Standards Board (FASB) has required disclosure of certain information pertaining to an employer’s participation in multiemployer defined benefit pension plans. To assist contractors in complying, many pension plans, including the Sheet Metal Workers’ National Pension Fund (“NPF”) have prepared disclosure statements with their plan’s information. SMACNA recommends that contractors compile all multiemployer defined benefit pension plan notices received throughout the year and present them to their accountant for purposes of complying with the FASB standard. In most cases these notices, along with company contribution records, will provide all of the detail your accountant will need to prepare the disclosure efficiently and relatively inexpensively.
The NPF has recently updated its information sheet. The information sheet is available on SMACNA’s website.