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DOL/EBSA

RIN: 1210-AA57

Publication ID: Spring 1998

Title: Enforcement Policy on AICPA SOP 92-6
Abstract: The Department has received requests not to reject multiemployer welfare plan annual reports (Form 5500) or assess civil penalties solely because the opinion of an independent qualified public accountant, that is required to be included with the Form 5500, either is adverse or qualified due to a failure to comply with the American Institute of Certified Public Accountants (AICPA) Statement of Position 92-6 (SOP 92-6). Under SOP 92-6, the AICPA has modified generally accepted accounting principles to require health and other welfare plans to calculate and disclose, as part of their financial statements, the present value of their future post-retirement benefit obligations. The Department has decided to invite public comment on the burdens, costs and benefits of accounting for post-retirement welfare benefit obligations in accordance with SOP 92-6 prior to adopting a formal position on this matter for 1999 and future plan years.
Agency: Department of Labor(DOL)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: Not yet determined (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 29 USC 1021 29 USC 1023 29 USC 1024 29 USC 1026 29 USC 1027 29 USC 1029 29 USC 1030 29 USC 1135

Timetable:

Action	Date	FR Cite
Request for Comments	03/13/1997	62 FR 11424
NPRM Comment Period End	05/12/1997
Final Action	06/00/1998

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: None
Included in the Regulatory Plan: No
Agency Contact: Eric A. Raps Pension Law Specialist Department of Labor Employee Benefits Security Administration Room N5669, 200 Constitution Avenue NW, FP Building, Washington, DC 20210 Phone:202 693-8500