Competition makes you run faster

Article Abstract:

General Motors Corp (GM) Chair Roger B. Smith, keynote speaker at the National Association of Accountants' (NAA) Annual Conference, believes that the NAA needs to get more involved in interaction with the Financial Accounting Standards Board (FASB). Smith, who opposes federal regulation of accounting, believes that the FASB overstepped its charter in the case of its exposure draft on post-retirement benefits, and is ignoring the fundamental principles of accounting. In the area of automobile manufacturing, Smith sees the new cooperation between GM and the United Auto Workers as on of the most significant developments in making the auto industry competitive. Smith believes competition is vital for all of the Big Three US automakers to survive into the 21st century in order to foster domestic competition. Smith believes that competition encourages rationalized, efficient operations.

Usage, Conferences, meetings and seminars, Competition (Economics), Laws, regulations and rules, Economic policy, General Motors Corp., United Automobile Workers, Financial Accounting Standards Board, interview, National Association of Accountants, Smith, Roger B. (American automotive executive)

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Funding postemployment benefits

Article Abstract:

Voluntary Employee's Benefit Associations (VEBAs) are an excellent alternative to corporate-owned life insurance and 401(h) trusts as a means for financing post-employment health care benefits. VEBAs involve specially designed tax-sheltered life insurance policies issued on the lives of proxy groups and funded by cash contributions from employers. VEBAs are attractive because they are accumulation vehicles and are not subject to the $50,000 imposed on corporate-owned life insurance policies.

Analysis, Life insurance, Medical care, Cost of, Health care costs, Retirement benefits, Voluntary employees' beneficiary associations

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