The agenda included presentations and discussions of several timely topics in employee benefit finance, including recent updates to mortality assumptions, changes to measuring service and interest cost methodologies, and other legislative, regulatory, and economic developments.
The CBF debates and develops recommendations on existing and proposed legislation and regulations affecting pension and incentive compensation plans, health and disability insurance, unemployment compensation and regulation, and other areas. When deemed appropriate, the CBF may communicate its positions to government agencies, legislators, and professional and business organizations. The CBF meets in-person on a quarterly basis and by other means as necessary.
During the meeting, the CBF received an update on current FASB and SEC initiatives in the area of benefits accounting, including the accounting for share-based payments and executive compensation clawbacks. The CBF also discussed the financial reporting considerations for pension and OPEB plans regarding changes in the approach to measuring service and interest cost and updated mortality assumptions.
In addition, the CBF heard a presentation on the impact of the Affordable Care Act five years after enactment, looking at state-by-state changes in Medicare premiums and value, and individual marketplace and Medicaid enrollment figures.
There was also a robust discussion of the U.S. Department of Labor’s proposed fiduciary rule and other recent IRS regulations on employee benefits, as well as the pension-related provisions included in the Bipartisan Budget Act of 2015, including further increases in the PBGC premiums for single employer defined benefit plans.
For more information on FEI’s Committee on Benefits Finance, contact Karen Lapsevic, Director, Government Affairs, at 202-626-7809 or [email protected].