FASB WITHDRAWS ANOTHER CONTROVERSIAL MULTIEMPLOYER PENSION WITHDRAWL LIABILITY PROPOSAL

On July 9, 2012, the Financial Accounting Standards Board (FASB) voted 5 to 2 to finally withdraw its controversial proposal expanding on ways companies would have to include potential loss contingencies in their audited financial statements (Exposure draft 450, Loss Contingencies).  That ED-450 proposal had the potential to require misleading disclosure of a company's exposure to withdrawal liability in multiemployer pension plans and was opposed vigorously by MCAA.  The ED-450 proposal was issued about the same time that FASB proposed yet another-and potentially much more damaging-multiemployer pension plan withdrawal liability proposal (ED-715), which would have required routine annual disclosure of pension withdrawal liability in a way that was entirely misleading and potentially devastating for employers that participate in multiemployer plans.  That too was vigorously and actively opposed by MCAA.  Because MCAA created a novel and tightly focused engagement with FASB to overcome the severe threat posed by ED-715, MCAA eventually succeeded in engaging FASB and ultimately convincing them to change ED-715 in a way that removed the severe threat to the industry.  After Monday's FASB vote, the bottom line of the two issues on pension withdrawal liability with FASB is as follows: both threatening withdrawal liability disclosure requirements have now been withdrawn, and the remaining new footnote disclosure requirements on an employer's participation in multiemployer plans (Topic 715) are entirely consistent with MCAA's original position with FASB and are non-threatening and easy to comply with relative to the initial ED-715 proposal.  Go to www.mcaa.org/FASB for MCAA's FASB Frequently Asked Questions document which sets out the current Topic 715 disclosure requirements and how to comply with them.  Question 18 is an accurate statement of current 450 contingency disclosure requirements.

FIND OUT HOW YOUR TECHNICIANS CAN HELP IMPROVE SERVICE SALES

MSCA's next webinar in the Building the Ultimate Sales Team series-Technicians as Sales People-will focus on helping you make the most of your technicians in your company's sales efforts. Duringthis program, you will gain a better understanding of: the technician's role in sales; the pros and cons of hiring from outside and promoting from within; and ways to make technicians and field incentive programs effective. Kip Bagley of EMCOR Services Mesa Energy Systems (Irvine, CA) will lead the webinar which will take place on August 22, 2012 at 1:00 p.m. Eastern time). This program is free to MSCA/MCAA members as a benefit of membership. Please register at https://msca.webex.com/.

ALI COURSE 12 SPACES ARE GOING FAST

Don't regret passing up the chance to participate in MCAA's most popular and highly-prized educational offering-the Advanced Leadership Institute (ALI). Since 2000, ALI has been providing our industry's top executives with world-class leadership and strategic planning skills that are critical to meeting the challenges of today's uncertain marketplace. ALI graduates acquire a highly refined business savvy that enables them to find lucrative business opportunities and then successfully integrate them into their companies. The updated and improved course curriculum, which includes a crisis on the jobsite case study with a modern twist, along with a dynamic learning environment and excellent networking opportunities, adds an exciting dimension to the experience of enhancing your knowledge and leadership skills set. ALI's Course 12 takes place September 30 - October 5 and November 11 - 16, 2012. If you need more information about ALI, go to http://www.mcaa.org/ali and then contact Dennis Langley (dlangley@mcaa.org) for an e-application.

MCERF ACKNOWLEDGES CONTRIBUTIONS

The Mechanical Contracting Education & Research Foundation (MCERF) has received contributions from the Eastern Iowa/Western Illinois MCa and the MCA of Rockford. The Eastern Iowa/Western Illinois MCA gave $1,000, raising its total contributions to $11,000, and the MCA of Rockford donated $1,250, which increased its total to $18,750.  The MCERF Board of Trustees is very grateful for the contributions which allow the Foundation to continue its education and research programs.  Find out more about MCERF and its activities at www.mcerf.org or contact Dennis Langley (dlangley@mcaa.org).