1011 Accounting for Retirement Benefit Plans
Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: October 1992
Revised: January 2010
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: To establish policy for the accounting for retirement benefits provided for employees of the University
- Financial Services is responsible for accounting for all retirement benefit plans.
- Accounting for retirement plans will be in accordance with applicable financial accounting pronouncements.
- The University shall contribute to the defined benefit portion of a retirement plan in accordance with the actuarially and legally required contribution schedule as approved by the University Trustees.
- A qualified actuary will annually prepare an actuarial report on the defined benefit portion of a retirement plan.