In the latest "Views & Vents" column on Benefitnews.com, benefits expert Corey Sherman sounds the alarm over the Financial Accounting Standards Board's recent announcement that it is joining forces with the International Accounting Standards Board to improve defined benefit retirement plan reporting.
"It's clear they're going to make the most sweeping improvements possible," says Sherman. "So prepare yourself for the ultimate benefit solution: the eradication of the private U.S. pension plan."
Sherman foretells "a cosmic convergence" of accounting philosophies that will add "dicey new accounting burdens," as well as possible punitive sanctions for employers. There is a white knight in his tale, however.
Read "Pension Apocalypse, Now" and tell us your views.
