Policy 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
1. Financial Services is responsible for accounting for all retirement benefit plans.
2. Accounting for retirement plans will be in accordance with applicable financial accounting pronouncements.
3. 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.
4. A qualified actuary will annually prepare an actuarial report on the defined benefit portion of a retirement plan.