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W Asset Method to Calculate Pension Liability

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Published on Aug 17, 2012

Lebanon PA 8.16.12: At the request of Controller Robert Mettley, commissioners voted to approve an updated investment policy. Further, a "W Asset Method" was adopted. "W Asset Method" uses an entry age to calculate accrued liability, and then amortize it for thirty years. 15 counties have switched to the "W Asset Method." The actuary will give an estimate of the unfunded liability around October. The "W Asset Method" would cover January 1 through the end of 2012. Also, Pierce Park will perform a pension study at no charge. Lebanon County will be compared to 44 other counties. Finally, Lebanon and 44 other counties filed for a voluntary compliance program with the IRS to earn a pass on review of our plan document. GASB rules for local pensions will take effect in the 2013 audit. More reporting on pensions is required in the annual audit. The smoothing method is no longer valid.

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