INSCOR, Inc.: A Penny Stocks Funding Solution to America's Trillion Dollar Problem
04 April 2013 - 11:30PM
Marketwired
Changes in recent accounting rules have left municipalities,
universities, hospitals and other government entities highly
exposed and dramatically under-funded. INSCOR, Inc. (PINKSHEETS:
IOGA) seems to have a solution for part of what some are
conservatively estimating to be $1.5-trillion in unfunded
liabilities.
Without getting too bogged down in the minutia that is
accounting rules, employee retirement benefit plans and insurance
policies -- let's just say the solution that INSCOR offers deals
with all three. The solution borrows from plans used for years by
large corporations and banks, but improves on the design by
eliminating much of the out-of-pocket costs to fund the
solutions.
While others were in a daze with mouth agape over such a
daunting financial crisis looming, INSCOR executives went to work,
collaborating with actuaries and other financial institutions, to
design a plan specifically tailored to meet the approaching problem
with funding post-employment (retiree) benefit plans. You know
those benefits that employers add to sweeten your employment
package in order to attract a better workforce like retiree
healthcare benefits, vision, dental, prescription drugs and even
life insurance.
The problem is this: for years employees have been working with
the expectation that they will get all of these great benefits when
they retire, but the management and funding of those plans known as
Other Post-Employment Benefits (OPEB) fell under accounting rules
that allowed municipalities and other public entities to use
"pay-as-you-go" accounting -- long story short the promise of
future benefits was made but the money was never set aside. In just
about every case, the plans have not been prefunded for those
employees who retire. Instead, these government entities have
waited until an employee retires and then uses a cash or
pay-as-you-go system paying medical costs or premiums as they are
incurred by current retirees.
Well, new accounting rules issued by the Governmental Accounting
Standards Board (GASB) aren't so generous.
Continue reading the rest of this article at
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