- NY Credits : 8.0
- TX Credits : 8.0
This course reviews the history of employee benefit plans in the United States, starting with the Social Security Act (FICA) of 1935 through ERISA of 1974 and the Pension Protection Act of 2006. The various kinds of benefit plans are described, including the defined benefit pension plan, six kinds of defined contribution retirement plans, and eight kinds of health and welfare benefit plans. All the elements in the structure of a typical benefit plan are discussed, as are the important provisions of ERISA and the Internal Revenue Code. Employers must recognize the overfunded or underfunded status of a single employer defined benefit postretirement plan as an asset or liability and must recognize changes in that funded status in comprehensive income.
Upon successful completion of Employee Benefit Plans I - Accounting Principles, the user should be able to:
identify the features of defined benefit and defined contribution plans,
describe the structure of a typical plan,
summarize provisions of ERISA and the IRC,
summarize reporting and accounting requirements,
describe accounting considerations, and
apply accounting requirements to develop adjusting journal entries and prepare a trial balance.