Good news for employers in union defined benefit plans! The Financial Accounting Standards Board (FASB) had proposed a rule that would require companies to report to disclose potential withdrawal liability for multiemployer defined benefit pension in which they participated which would have put the pension fund’s unfunded liability on the employers’ books. However, on July 27, FASB notified Congress that it has withdrawn this proposal.
Instead, FASB has now approved a revised accounting standard with disclosures intended to provide more information about an employer’s financial obligations to multiemployer pension plans, including:
