Employee Benefits: Companies' Retiree Health Liabilities Large, Advance Funding Costly : Report to Congressional Requesters

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23. lappuse - General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984, prepared by the Staff of the Joint Committee on Taxation.
26. lappuse - US Department of Commerce, Bureau of the Census, Money Income of Households, Families, and Persons in the United States, 1981, March, 1983, Table 47. "Education and Total Money Income in 1981 — Persons 25 Years Old and Over, by Age, Race, and Sex.
1. lappuse - Hearings Before the Subcommittee on Oversight of the House Committee on Ways and Means, 101st Cong., 2d Sess.
35. lappuse - Present values are sums of money that, if invested now at a given rate of compound interest, will accumulate exactly to specified amounts at specified future dates. To convert future benefit payments to PVFBS we used discount "factors" — amounts that grow at the assumed interest rate to $1 in specified numbers of years.
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.

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