Pension and Retirement Benefits

• A Review of the Persistent Reconciling Items Between Financial Statements Using U.S. Gaap and International Financial Reporting Standards for Three Auto Manufacturers

This paper investigates differences between the financial statements of Volvo Corporation, Daimler AG, and Fiat SPA as prepared under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) from 2004-2006. The application of IFRS generally resulted in higher net income than U.S. GAAP. Many differences have already been resolved by the convergence projects of the Financial Accounting Standards Board and the International Accounting Standards Board. However, significant and persistent reconciling items that are likely to affect U.S. automakers' financial statements include: pension and other post-retirement benefits expenses, capitalization of development costs, and minority interests reporting.

• International Management Review
• Vol. 6 Nbr. 1, January 2010

• Thompson v. Thompson, (Ohio 2011)

DOMESTIC RELATIONS - PROPERTY - pension and retirement benefits; marital assets; division of marital property; R.C. 3105.171(F)(9); abuse of discretion; failure to compute and deduct the present value of a Social Security benefit which the husband would have received if he contributed to Social Security from the present value of his public pension for distribution purposes.

• Ohio Supreme Court

• State ex rel. Kolcinko v. Ohio Police & Fire Pension Fund (Slip Opinion), Slip Opinion No. 2012-Ohio-46

Public employees—Police and Fire Pension Fund—Disability-retirement benefits denied.

• Ohio Supreme Court

• Assessment of Retirement Plan Coverage by Firm Size Using W-2 Tax Records

Of particular interest in this article is the relationship between firm size and pension coverage and participation because small businesses tend to be less likely to offer retirement benefits to their employees than do large businesses. This relationship is particularly important given the current administration's retirement proposals to create automatic individual retirement accounts. Obviously, accurate information is important not only in formulating retirement income security policies that target workers without retirement plan coverage, but also to assess the impact of such policies on workers' retirement plan participation.

• Social Security Bulletin
• Nbr. 71-2, May 2011

• Pension and other post-retirement benefits disclosures for closely-held companies under SFAS 132.

The Accounting Standards Board changed disclosure rules for pensions and other post-retirement benefits when it released SFAS 132 in Feb 1998. Under SFAS 132, disclosure requirements between pensions and other post-retirement benefits that were previously regulated by two separate standards have been streamlined. Other aims sought in issuing SFAS 132 include cutting disclosure preparation costs, eliminating disclosures which do not furnish useful data to decision makers and enhancing the overall usefulness of disclosures.

• The National Public Accountant
• Vol. 43 Nbr. 10, December 1998

• Pevely Proposes Tax Increase to Fund Retirement System

The city of Pevely hopes that approval of the tax issue on the Aug. 2 ballot will allow city employees to join the state's Missouri Local Government Employees Retirement System. The non-profit public pension system provides retirement, disability and survivor benefits to Missouri's local government employees. This will be the only issue on the ballot during the special election.

• Missouri Lawyers Media
• July 30, 2011

• Pension tension: very few states hold all the assets they should for future retirement and health care benefits.

[ILLUSTRATION OMITTED] Some have fame thrust upon them, as has Kathleen Casey-Kirshling of New Jersey. She was born one second after midnight on Jan...

• State Legislatures
• Vol. 34 Nbr. 5, May 2008

• New Analysis From Aon Hewitt Paints Rocky Retirement Picture for Younger Workers ; While Fewer Benefits and Higher Health Care Costs Mean Generation Y Workers Need to Save More, Most Likely to Be Ill Prepared for Retirement

LINCOLNSHIRE, Ill., Dec. 10, 2010 /PRNewswire-FirstCall/ -- Stagnant wages, job insecurity and a steady decline in pension plan and retiree medical benefits have jeopardized the retirement security of many workers--but to different degrees. A new analysis by Aon Hewitt, the global human resource consulting and outsourcing business of Aon Corporation (NYSE: AON), reveals that Generation Y workers (those ages 18 to 30) may be most at risk from these trends despite having the most amount of time to save. Due to lack of participation in defined contribution plans, low savings rates and high rates of cashouts, eight in ten Generation Y workers will not meet all of their financial needs in retirement unless they significantly improve their saving and investing behaviors. (Logo: http://photos....

• U.S. Newswire
• January 20, 2011

• Occupational Pension Schemes and Transfers of Undertakings: Do Early Retirement Benefits Transfer?

By John J. Papadakis and Martin Scott The Transfer of Undertakings (Protection of Employment) Regulations 1981 ("TUPE"), which transpose the...

• Mondaq Business Briefing
• United States Law Articles in English

• West Penn Ceo Receives 40% Bonus

The region's No. 2 hospital network is losing money, but West Penn Allegheny Health System's board of directors gave its CEO a 40 percent bonus, according to tax documents released on Friday. CEO Christopher Olivia received a base salary of $1.26 million in 2009 -- the most recent year reported -- and $500,000 in bonus and incentive compensation, records show. Including retirement and pension benefits, he received $1.9 million in 2009, an $800,000 increase from 2008.

• Tribune - Review / Pittsburgh Tribune - Review
• May 14, 2011