Funding employee retirement benefits

摘要

The world's largest wastewater treatment utility has taken an unusual step to ensure it can afford to pay retirees their benefits. When federal financial reporting requirements revealed a $443 million shortfall, the Metropolitan Water Reclamation District of Greater Chicago petitioned the Illinois Legislature for the authority to create a trust dedicated to funding retirement benefits. Issued in 2004, Governmental Accounting Standard Board accounting Statement 45 requires governments to measure their liability for all post-employment benefits except pensions.