Employee Benefits: Companies' Retiree Health Liabilities Large, Advance Funding Costly : Report to Congressional RequestersThe Office, 1989 - 40 lappuses |
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$9 billion 1988 Retiree Health accrued liabilities actuarial Advance Funding Costly amortization Annual Contributions baseline estimate Begin Advance Funding benefit payouts benefits in 1988 billion in 1988 calculated Consumer Price Index Contributions to Begin CPIMC Data DEFRA early retirees employers Estimate U.S. Companies Estimating 1988 Retiree FASB standards financial statements first-year contributions fund their retiree funding costs Funding Retiree Health future benefits future retiree health GAO's Method health benefit payments health insurance Health Liabilities Large Liabilities and Annual liabilities for retiree Liabilities of $402 Medical Cost Inflation Medicare Method for Estimating million retirees million workers normal cost number of retirees PAYG costs pension plans percentage points postretirement benefits present value projected unit credit PVFB receive retiree health receiving health benefits retire at age retiree health benefits retiree health costs Retiree Health Liabilities retiree health plans retirees receiving Table V.1 unfunded unit credit method VEBA workers and retirees
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5. lappuse - Funding in advance, as is now done for pensions, would stabilize companies' annual expenditures and make benefits more secure, but would be very costly.
7. lappuse - Act of 1974 (ERISA) to requiring that retirees be allowed to buy health insurance at group rates from their former employers at little or no direct cost to companies.
7. lappuse - However, any broadening of tax preferences will create near-term additional tax losses for the federal treasury at a time when closing the budget deficit is both difficult and important. Even with additional tax advantages, the increasing annual costs that many employers will have to bear •JThe Wyatt Company, "Retiree Medical Plans: Problems on the Horizon," The Compensation and Benefits File, Jan.
2. lappuse - Many companies, particularly those with an older work force and many retirees, are concerned that the FASB-proposed disclosure will adversely affect their short-run financial position as portrayed in their financial statements.
3. lappuse - However, with respect to advance funding, federal tax law currently favors retiree health benefit plans less than pension plans.