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FASB Rules on Split-Dollar Life Insurance Arrangements
The IBAT Board of Directors endorses M Benefit Solutions-Bank Strategies/ECI to maintain a consultative process for members pertaining to executive or director compensation programs.
Following is a link to the IBAT website of the firm's initial guidance on the FASB/EITF Issue No. 06-4 that relates to accounting issues surrounding the postretirement benefit aspects of endorsement split-dollar life insurance agreements.
This is a major issue and, while the results aren't ideal, they are much more benign than what was originally presented.
M Benefit Solutions-Bank Strategies/ECI anticipates having more definitive guidance for IBAT members within the next 30 days. When these details are available, we will be announcing an online seminar so that the information can be directly communicated to the membership.
Both Tom and Russell can be reached at 512 347-9950 in Austin.
Thank you!
IBAT Services Inc.
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