16 CRR-NY 461.11NY-CRR
16 CRR-NY 461.11
16 CRR-NY 461.11
461.11 Employee pensions and benefits.
(a) All costs of employee pensions whether such costs represent pensions payable currently to retired employees or their beneficiaries, advance provisions for such payments, or both, are includible in the charges of each accounting period, provided:
(1) the pension program under which the costs are determined is reasonable;
(2) amounts paid are irrevocably dedicated to pension purposes;
(3) any program of advance provision is based on actuarial studies of other recognized and acceptable systematic method of computation and allocation.
Account 800.2, Pensions, is provided under Administrative and General Expenses for pension payments and accruals; however, a utility may clear from that account and distribute to construction and retirement work orders and to clearing and other accounts an applicable portion of the pension costs, and shall clear any such costs applicable to non-utility activities.
Note:
Incidental refunds or credits to the utility of amounts disbursed for pension purposes, if such refunds are made under the provisions of a pension program filed with the commission, shall not be deemed to impair the irrevocable dedication of monies to pension purposes.
(b) Costs of accident and health insurance; hospital and surgical insurance; disability and lump sum separation allowances; life insurance, when the utility is not the beneficiary; and similar employee benefits, together with the cost of operating educational and recreational facilities, are includible in account 800.1, Employees' Welfare Expenses. (See also note A to account 799, Injuries and Damages, and paragraph D of account 800.2, Pensions.) Salaries payable and expenses incurred in the administration of the welfare and pension department are includible in account 800.3, Welfare and Pensions Administration.
(c) No charge shall be made to any account in this system of accounts to reflect advance provision for employee pension and benefits costs or to augment incomplete provision at a given date for amounts computed in relation to service prior to that date, unless full particulars of the program shall have been filed with the commission, including a copy of such supporting documents as:
(1) the resolution of the governing board authorizing the program;
(2) insurance contract, actuarial formula, or data supporting other method of computation and allocation;
(3) trust agreement, if any.
Like filings shall be promptly made of any subsequent material changes in the pension plan. Acceptance by the commission of such data, as filed, shall not be interpreted as constituting approval of a pension and employee benefits program or of the documents associated therewith, or of any accounting made thereunder by the utility.
(d) The utility shall keep supporting records which will disclose as of the end of each accounting period:
(1) the amounts disbursed by the company during the period direct to pensioners or their beneficiaries;
(2) the amounts paid into the fund dedicated to future pension payments; and for each of such classes of disbursements, the accumulated total from the beginning of the year;
(3) the amount accumulated in the pension fund as provision for future pension payments; and
(4) at each year end, the amount by which pension commitments under the plan as then in effect, even though subject to future amendment or termination, computed in relation to employee service to that date, (generally the “actuarial liability” ) exceed the amount in the pension fund.
16 CRR-NY 461.11
Current through March 31, 2022
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.