Michigan Distribution Contractors Association (MDCA)
As of January 1, 2011, MITA is happy to announce that the association will begin representing the Michigan Distribution Contractors Association in all matters relating to that industry’s collective bargaining agreements. As part of this consolidation, MDCA will be dissolved and all three utility distribution contracts will be managed under the MITA umbrella.
With this representation, MITA’s sphere of influence will widen to include a broader scope of the overall heavy construction industry.
International Union of Operating Engineers Local 324 Underground Agreement
As reported in an earlier bulletin, MITA and the Operating Engineers Local 324 ratified the Collective Bargaining Agreement for underground construction effective September 1, 2010 – 2014. The updated agreement book has been completed and is available on the MITA website. Click here to view and/or download a copy.
The printed agreement book will be available later this winter. If you would like to place an order for the booklet, please contact Janis Strang at the MITA office either by email at janisstrang@mi-ita.com, or by calling 517-347-8336.
FASB delays changes to MEPP disclosure rules
The Financial Accounting Standards Board (FASB) has announced it will delay plans to implement new disclosure rules for employers that participate in multi-employer pension plans (MEPPs).
Earlier this year, FASB released Exposure Draft 715-80, which would require employers to include in their financial reporting statements new footnote disclosures about each MEPP in which they materially participate, including potential withdrawal liability, regardless of whether or not they intend to withdraw from the plan. MITA believes the proposed accounting standards are seriously flawed because they will require disclosure of information that is two years out of date, is not auditable, and will ultimately be misleading to any end user of financial statements.
Hundreds of organizations submitted comments to FASB regarding Exposure Draft 715-80, including MITA and several construction unions represented here in Michigan.
Because of the quick and concerted efforts of the business community, FASB announced on November 10, 2010, that it would delay the implementation of the disclosure standard in order to address the concerns raised by those who submitted comments. “The Board decided that a final standard will not be effective for the 2010 calendar year-end reporting period,” FASB said. “It will decide on an effective date at a future meeting, after it has substantially concluded its redeliberations.” According to FASB’s online technical plan, the Board plans to issue a final version of the disclosure standard in the second quarter of 2011.
MITA will keep you updated, as new information is available.
If you have any questions or comments, contact Mike Nystrom by email at mikenystrom@mi-ita.com, or call the MITA office at 517-347-8336.
