Note X – Pension and/or OPEB Plans - Nongovernmental Plans

Significant Changes to Note X – Pension and/or OPEB Plans - Nongovernmental Plans

Note X - Pension and OPEB Nongovernmental Plans

Updates, changes, and clarifications for disclosing pensions made throughout.

Note X – Pension and/or OPEB Plans - Nongovernmental Plans (Pensions and/or OPEB Provided Through Certain Multiple-Employer Defined Benefit Pension Plans)

A template for this note is not available. See “Instructions to preparer:” for various disclosures that may be required.

Note that this guidance applies only to defined benefit plans; not defined contribution plans.  See also, Note X, Pension and/or OPEB Plans-Defined Contribution.

Instructions to preparer:

  • Name of each pension and/or OPEB plan, identification of the entity that administers the plan, and identification of the plan as a cost-sharing plan.

    • is not a state or local governmental pension plan

    • is used to provide defined benefit pensions to both state/local government employees and non-state/local government employees

    • has no predominate state/local governmental employer (either individually or collectively)

  • Whether the pension and/or OPEB plan issues a publicly available financial report and, if so, how to obtain the report.

  • A brief description of the benefit terms, including:

    • The number of the government’s employees covered,

    • The types of benefits provided,

    • The authority under which benefit terms are established or may be amended.

  • A brief description of contribution requirements, including:

    • The basis for determining the employer’s contributions to the plan (for example, pursuant to a collective-bargaining agreement),

    • Identification of the authority under which contribution requirements of the employer and its employees are established or may be amended,

    • The required contribution rates of the employer and its employees for the reporting period,

    • The amount, in dollars, of the employer’s required contributions for the reporting period,

    • The expiration date(s) of the collective-bargaining agreement(s) requiring contributions to the plan, if any,

    • A description of any minimum contributions required for future periods by the collective-bargaining agreement(s), statutory obligations, or other contractual obligations, if applicable,

    • Whether the employer is subject to any provisions regarding withdrawal from the plan.

  • The following information about the employer’s payables, if any:

    • If not otherwise identifiable, the balance of payables,

    • Significant terms related to the payables,

    • A description of what gave rise to the payables (for example, required contributions to the plan or a contractual arrangement for contributions to the plan related to past service upon entrance into the arrangement).