Horizon’s Cary Franklin and Stan Goldfarb were among the speakers at the conference, and they discussed issues facing multiemployer pension plans such as possible funding relief and FASB disclosure issues. The following is an excerpt from the MCAA’s May/June, 2010 bulletin regarding the topics discussed by Cary and Stan.
“Cary Franklin of Horizon Actuarial Services discussed pension funding relief, noting that extended authorization relief makes sense because it realigns funding requirements with funding policies, gives the same end result at 30 years, and eliminates the need to frontload pension funding.
“His colleague with Horizon Actuarial, Stan Goldfarb, covered the proposed new FASB draft proposal on disclosure of multiemployer defined benefit plan liability. Expected new requirements may include a new footnote disclosure of potential withdrawal liability and other quantitative and qualitative funding information. He emphasized that this is not the same as balance sheet recognition. Discussions and questions focused on the substan substantial detriment the FASB proposal poses for contributing employers and potential impairment to access to both surety and financial credit. Moreover, discussion focused on the practical infeasibility of the new FASB disclosures.”