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Employee Future Benefits – AcSB

Date recorded:

At its meeting on July 7, 2020, the AcSB reviewed the final draft of the amendments to Section 3462 and the Basis for Conclusions. The Board decided to add a future project on individual pension plans to be considered as part of its agenda-setting activities. In addition, the Board discussed further environmental developments in light of COVID-19, reaffirming the effective date of January 1, 2022. The AcSB approved the issuance of the final amendments, subject to final drafting and a written ballot. The AcSB plans to issue the final amendments in the fourth quarter of 2020. The amendments will be effective January 1, 2022, with early adoption permitted. The Board encourages stakeholders to consider early adoption of the amendments. Particularly, in circumstances where a funding valuation is required to be completed prior to the effective date of the amendments, stakeholders should consider completing the required accounting valuation for unfunded plans at the same time.

Review the Executive Summary on the AcSB's Web site.

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