The city of dekalb contributes to three pension plans 1a, Ask an Expert

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The City of DeKalb contributes to three pension plans: 1)a Statewide pension plan for nonuniformed personnel, 2. a locally admisinstered plan for police officers, and 3. a locally administered plan for firefighters. The City is trustee for the plans for police officers and firefighters. Which of the following is true?

A) The City would maintain trust funds for the police and fire plans but no the statewide plan.
b) When making contribution from General Fund resources to the police and fire plans, the General Fund would debit Other Financing Sources Transfers out and the pension trust fund would credit transfers in.
c) both of the above
d) Neither of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
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