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. The NPF has recently updated its information sheet. The updated information sheet is available on the labor relations portion of SMACNA’s website.
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 the detail your accountant will need to prepare the disclosure efficiently and relatively inexpensively.
In addition, contractors who want to know more about the FASB disclosure requirement can access the Compliance Guidance Memo and Answers To Frequently Asked Questions prepared by SMACNA when the rule when into effect.