If a Government Has a Locally Administered Pension Plan for Which

question 134

True/False

If a government has a locally administered pension plan for which it is trustee, the government would report the locally administered plan as a pension trust fund in the basic financial statements.

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Definitions:

Operating Agreement

A document that outlines the governance and operating procedures of a limited liability company (LLC) among its members.

LLC

Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Organization

An entity, such as a company or society, formed by a group of people for a particular purpose.

Operating Agreement

A document detailing the management and operational protocols for a limited liability company (LLC) between its members.