Reporting info (FASB)
The purpose of this page is to assist employers contributing to the AFTRA Retirement Fund (the “Plan”) by providing certain information about the Fund that may be necessary for your company to comply with the new FASB reporting requirements.
The relevant information is as follows:
Legal name of the Plan
AFTRA Retirement Plan
Employer Identification Number of the Plan
The Plan was certified to be in the Pension Protection Act “Green Zone” (neither critical nor endangered). The most recently certified zone status relates to the Plan Year beginning December 1, 2019. Accordingly, no funding improvement plan or rehabilitation plan (as those terms are defined in the Pension Protection Act and the Employee Retirement Income Security Act of 1974) has been implemented or is pending. In addition, no employer has been required to pay a surcharge to the Plan.
Utilization of extended amortization provisions
Pursuant to the Pension Relief Act, the Plan elected to extend the amortization period for 2008 net investment losses and to smooth the net investment losses over 10 years in the actuarial value of assets.
Five percent contributors
In its Form 5500 reporting for the Plan Years ended November 30, 2019 and 2018, the Plan listed CBS Broadcasting, Inc. as having contributed more than 5% of the Plan’s total contributions. For the Plan Year ended November 30, 2017, the Plan listed National Broadcasting Co and CBS Broadcasting, Inc. as having contributed more than 5% of the Plan’s total contributions. The total contributions to the Plan were $116,767,605 for the Plan Year ended November 30, 2019, $117,317,933 for the Plan Year ended November 30, 2018 and $122,722,831 for the Plan Year ended November 30, 2017.
The Form 5500 for the Plan Year ended November 30, 2019 was filed on time and is available.
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Please note that the AFTRA Retirement Fund has provided this information as a courtesy to contributing employers. The Plan is not, however, providing tax or accounting advice. In addition, the information above represents only a portion of the information required in accounting disclosures. Employers are encouraged to contact their tax and financial advisors regarding the scope, effective date and content of the reporting obligation as it applies to them.