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ARTICLE · 20 JUNE 2011

FASB Modifies Proposed Multiemployer Plan Participation Disclosures

Morgan Lewis
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At its meeting on May 31, the Financial Accounting Standards Board (FASB) tentatively agreed that it will not require employers to disclose an estimate of withdrawal liability for each material multiemployer defined benefit plan in which they participate, as it had previously proposed.

United StatesEmployment and HR
John Ring
John Ring
David Cohn
David Cohn
Steven Spencer
Steven Spencer

At its meeting on May 31, the Financial Accounting Standards Board (FASB) tentatively agreed that it will not require employers to disclose an estimate of withdrawal liability for each material multiemployer defined benefit plan in which they participate, as it had previously proposed. According to the FASB, certain types of enhanced disclosures will still be required. However, these requirements will not be applicable until a final decision is made by the board.

Background

As a general matter, financial statement disclosures regarding an employer's participation in a multiemployer defined benefit plan are limited to contributions required to be made to each plan for the year. However, in the event that a withdrawal becomes either "probable" or "reasonably possible," then the employer must report its withdrawal liability.

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