Benefits November 25, 2013

Coworkers Spend Thanksgiving Together

November 25, 2013 (PLANSPONSOR.com) – Coworkers are ever present, even during the holidays.
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A new survey by CareerBuilder finds that an average of nearly one in five (19%) employees say they plan to celebrate Thanksgiving with coworkers either in or out of the office.

These figures vary due to several variables. For example, in cities with large economies, Atlanta came in first, with 35%. Next comes Dallas (30%); San Francisco (23%); Phoenix (22%); Washington, D.C. (20%); Los Angeles (16%); New York (16%); Philadelphia (11%); Chicago (8%); and finishing with Boston (6%).

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In terms of industry, transportation and utilities rated highest (28%), followed by retail (25%), finance (23%), health care (23%), IT (23%), and leisure and hospitality (21%).

When it comes to age, those 18 to 24 topped the list (21%), followed by those 25 to 34 (at 17%), those 35 to 44 (at 22%), those 45 to 54 (at 18%) and those 55 and older (at 16%).

When broken down by diverse groups, the survey finds that an average of 32% of African American employees will spend Thanksgiving with a coworker, followed by LGBT employees (25%), disabled employees (22%), Asian employees (19%) and Hispanic employees (18%).

However, the survey also finds that an average of 14% of employees say they will have to work on Thanksgiving. Again, this figure varies by industry, with the list topped by employees in leisure and hospitality (36%), followed by retail (29%), health care (23%), and transportation and utilities (21%).

This survey was conducted within the United States by Harris Interactive on behalf of CareerBuilder. Performed online, the survey reached 3,484 U.S. workers (employed full-time, not self-employed and nongovernment) between August 13 and September 6.

CareerBuilder is a provider of labor market intelligence, talent management software and other recruitment solutions.

Administration November 25, 2013

Transition Provisions of New GASB Pension Standards

November 25, 2013 (PLANSPONSOR.com) – The Governmental Accounting Standards Board (GASB) has released a statement on the transition provisions of new pension standards for state and local governments.
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GASB Statement No. 71, “Pension Transition for Contributions Made Subsequent to the Measurement Date,” eliminates a potential source of understatement of restated beginning net positions and expenses in a government’s first year of implementing GASB Statement No. 68, “Accounting and Financial Reporting for Pensions” (see “GASB Approves New Pension Reporting Standards”).

To correct this potential understatement, Statement No. 71 requires a state or local government, when transitioning to the new pension standards, to recognize a beginning deferred outflow of resources for its pension contributions made during the time between the measurement date of the beginning net pension liability and the beginning of the initial fiscal year of implementation. 

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According to the statement, this amount must be recognized regardless of whether it is practical to determine the beginning amounts of all other deferred outflows of resources and deferred inflows of resources related to pensions.

The provisions are effective simultaneously with the provisions of Statement No. 68, which is required to be applied in fiscal years beginning after June 15, 2014.

The GASB is an independent, nonprofit organization that establishes and improves financial accounting and reporting standards for state and local governments.

More information Statements No. 68 and No. 71 can be found on the GASB website.

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