Most contractors are required by the Financial Accounting Standards Board (FASB) to provide information pertaining to their participation in multiemployer defined benefit pension plans in their annual financial statements.
Many plans, including the National Pension Fund, prepare information sheets annually for use by contractors and/or their accountants in preparing the required disclosures. The NPF’s 2018 information sheet is now available.
The disclosure provides information needed by a contractor’s accountant on pension commitments and the financial health of the plan(s). Contractors may want to ask their chapter or local pension plan administrator whether a similar FASB information sheet is available for any local defined benefit pension plan to which they contribute.
Contributing contractors are encouraged to share this disclosure information sheet along with any similar disclosure they receive from local pension plans, if applicable, with their accountants.
To assist members and their accountants in complying with the FASB disclosure requirements pertaining to an employer’s participation in multiemployer defined benefit pension plans, SMACNA has prepared a frequently asked questions document (FAQ) for further information. Learn more…