FASB Disclosure Requirements
The Laborers’ Pension Fund (“Pension Fund”) has been receiving inquiries from contributing employers regarding Pension Fund information needed to prepare financial statements to comply with new accounting rules established by the Financial Accounting Standards Board (“FASB”) No. 715-80. The Pension Fund annually sends a “Notice of Required Summary Plan Information (‘NRSPI’)” to contributing employers containing much of this information, which was sent to all contributing employers, Local Unions, participants and beneficiaries (copies of which are on our website at www.chicagolaborersfunds.com). The NRSPI for the 2015-2016 Plan Year will be completed and sent in April of 2017.
The Pension Fund identifying information is as follows (this does not change from year to year):
- Legal Plan Name: Laborers’ Pension Fund
- EIN/Plan No.: 36-2514514/002
Specific Pension Fund information provided for the Plan Year ended May 31, 2016:
- Pension Protection Act Zone Status: Green
- Funding Improvement Plan/Rehabilitation: Not Applicable
- Surcharge Imposed: Not Applicable
- Is the Employer a 5% Contributor?: No (See No. 3 of NRSPI)
The following additional information for the FASB disclosure should be obtained from the Employer’s records:
- Contributions Paid to Pension Fund
- Expiration Date of Collective Bargaining Agreement
Please share this information with your company’s accountant. If you have any questions, please contact the Fund Office.