Web CPE

Program outline: In 2020, the Pension Rights Center reported that one out of three older adults received income from private company or union pension plans; federal, state, or local government pension plans; or railroad retirement, military, or veterans pensions. The need to properly administer and account for pension funds is critical. There are very specific requirements for pension accounting and postretirement benefits. ASC 715 CompensationRetirement Benefits provides guidance on financial reporting for employers who offer pension benefits to their employees. ASC 960 Plan AccountingDefined Benefit Pension Plans and ASC 962 Plan AccountingDefined Contribution Pension Plans address the plan accounting standards for deﬁned beneﬁt plans and deﬁned contribution plans respectively. Those detailed calculations of pension cost and reporting requirements produce a complex accounting standard.

This course is designed to help you navigate the complexities of this standard. It begins with an overview of the pension system in the U.S. discussing the nature of pension plans, plan participants’ activities, the classification of pension plans, and types of pension plans and their characteristics. It addresses the significance of pension federal laws, including the Employee Retirement Income Security Act, the Pension Protection Act, and the Multiemployer Pension Reform Act. This course also provides current coverage of the requirements for accounting and reporting on pension plans and postretirement benefits. It includes specific examples to illustrate the application. Relevant references to and excerpts from ASC 715, ASC 960, and ASC 962 are discussed throughout the course.

Learning objectives: After completing this course you will be able to:

Identify the key provisions of pension federal laws.
Distinguish between defined benefit and defined contribution plans.
Identify the way to evaluate plan assets.
Recognize various measures of pension obligations.
Identify the components of pension expense.
Recognize the pension assets (overfunded plan) and pension liabilities (unfunded plan).
Identify the unique accounting practice of postretirement benefits.
Recognize the reporting requirements for the employer and pension plans.

Program level: Intermediate

Prerequisites: GAAP

Advance preparation: None

Type of delivery method: Self Study

Recommended CPE credits: 7

Final examination expiration date: The program participant will have one year from the date of purchase to complete the course and final examination.

Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org