expected postretirement benefit obligation

Expenses1

1. 715-60Defined Benefit Plans—Other Postretirement715 Compensation—Retirement Benefits

   ASC 715-60 governs an employer's accounting for single-employer defined benefit postretirement benefit plans other than pensions (OPEB)—chiefly retiree health care, but also retiree life insurance, tuition, day care, legal services and housing subsidies. The employer must recognize the funded status of each plan (fair value of plan assets less the accumulated postretirement benefit obligation) on the balance sheet, attribute the expected postretirement benefit obligation ratably over an attribution period ending at the full eligibility date, and recognize net periodic postretirement benefit cost with delayed recognition of prior service cost, gains/losses, and any transition obligation through other comprehensive income. Separate Subsections address the Medicare Part D subsidy, settlements/curtailments/termination benefits, and split-dollar life insurance arrangements.