Horizon Actuarial Services principals Stan Goldfarb and Cary Franklin and SMACNA legislative staff Dana Thompson prepare the multiemployer benefits program, which spanned health plan changes and pension funding reform, and on proposed new FASB pension liability disclosure rules. The Mechanical Contractors Association of America (MCAA), Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA), The Association of Union Constructors (TAUC), the International Council of Employers of Bricklayers and Allied Craftworkers (ICE-BAC), and the Finishing Contractors Association (FCA) held three days of meetings with federal lawmakers, regulators, and federal procurement leaders in Washington, D.C. from May 3-5, 2010.
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.”
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.”
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