Code of Massachusetts Regulations › 220 CMR - DEPARTMENT OF PUBLIC UTILITIES › Title 220 CMR 50.00 - Uniform System Of Accounts For Gas Companies › OPERATION AND MAINTENANCE EXPENSE ACCOUNTS CLASS A COMPANIES › 6 - ADMINISTRATIVE AND GENERAL EXPENSES › Operation › Section 926 - Employee Pensions and Benefits

Current through Register 1525, July 5, 2024
A. This
			 account shall include pensions paid to or on behalf of retired employees, or
			 accruals to provide for pensions, or payments for the purchase of annuities for
			 this purpose, when the utility has definitely, by contract, committed itself to
			 a pension plan under which the pension funds are irrevocably devoted to pension
			 purposes, and payments for employee accident, sickness, hospital, and death
			 benefits, or insurance therefor. Include, also, expenses incurred in medical,
			 educational or recreational activities for the benefit of employees, and
			 administrative expenses in connection with employee pensions and
			 benefits.
B. The utility shall
			 maintain a complete record of accruals or payments for pensions and be prepared
			 to furnish full information to the Department of the plan under which it has
			 created or proposes to create a pension fund and a copy of the declaration of
			 trust or resolution under which the pension plan is established.
C. There shall be credited to this account
			 the portion of pensions and benefits expenses which is applicable to nonutility
			 operations or which is charged to construction unless such amounts are
			 distributed directly to the accounts involved and are not included herein in
			 the first instance.
D. Records in
			 support of this account shall be so kept that the total pensions expense, the
			 total benefits expense, the administrative expenses included herein, and the
			 amounts of pensions and benefits expenses transferred to construction or other
			 accounts will be readily available.
ITEMS
1. Payment
			 of pensions under a nonaccrual or nonfunded basis.
2. Accruals for or payments to pension funds
			 or to insurance companies for pension purposes.
3. Group and life insurance premiums (credit
			 dividends received).
4. Payments
			 for medical and hospital services and expenses of employees when not the result
			 of occupational injuries.
5.
			 Payments for accident, sickness, hospital, and death benefits or
			 insurance.
6. Payments to employees
			 incapacitated for service or on leave of absence beyond periods normally
			 allowed, when not the result of occupational injuries, or in excess of
			 statutory awards.
7. Expenses in
			 connection with educational and recreational activities for the benefit of
			 employees.
NOTE A. - The cost of labor and related supplies and
				expenses of administrative and general employees who are only incidentally
				engaged in employee pension and benefit activities, may be included in accounts
				920, Administrative and General Salaries, and 921, Office Supplies and
				Expenses, as appropriate.
NOTE B. - Salaries paid to employees during periods of
				non occupational sickness may be charged to the appropriate labor account
				rather than to employee benefits.