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The Governmental Accounting Standards Board (GASB) has issued preliminary views on accounting for pension plans in the governmental sector. If incorporated in new standards, the views will result in significant changes in pension accounting practices. After the April 2011 meeting, a June 2011 Exposure Draft release date was set, with implementation scheduled for reporting periods beginning after June 15, 2012 for large, single employers and June 15, 2013 for all others.
Employers considering the election of pension funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010, finally have guidance in Notice 2011-3 which will be published by the IRS in Internal Revenue Bulletin 2011-2 on January 10, 2011
A potential new era for employer sponsored health care benefits arrived at the end of March. Changes in benefit levels, eligibility and taxes will guarantee an eventful five years or more.