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Pension and Postretirement Benefit Accounting

Pension and postretirement benefits represent a significant cost to employers. The Financial Accounting Standards Board has specified that postretirement benefits are a form of deferred compensation. FASB concluded that the obligation to provide postretirement benefits is incurred as the employee renders...

Government Accounting -- Accounting Issues in Pensions and Other Postemployment Benefits

By Edward W. Stepnick CPA, G. Robert Smith Ph.D. C.P.A. C.G.F.M and Dwayne N. McSwain CPA* Employee pensions and other postemployment benefits (OPEB), such as healthcare, life insurance, disability, and long-term care benefits, are significant elements of cost for state and local governments. This...