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Year-End Benefit Planning and Accounting Treatment
A '79 group benefit plan has funding and timing opportunities similar to qualified plans without the added expenses and discrimination testing of '401(a)-type plans. The reporting at the employer level is less complex and draconian. The difference is due to the fact that the group term life segment payment (from an accounting standpoint) should be treated like a group term life insurance premium payment, i.e., the full premium payment should be shown as an expense each year. Nevertheless, as with all accounting issues, it is up to the employer's accountant to interpret FASB statements and opinions, and make the final decision as to how individual transactions are reflected on the employer's financial statements.
Group Term Life Insurance
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