AASB 119 - Employee Benefits - September 2011
Definitions relating to classification oDefinitions relating to classification of plans
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Definitions relating to classification of plans
Post-employment benefit plans are formal or informal arrangements under which an entity provides post-employment benefits for one or more employees.
Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.
Defined benefit plans are post-employment benefit plans other than defined contribution plans.
Multi-employer plans are defined contribution plans (other than state plans) or defined benefit plans (other than state plans) that:
(a) pool the assets contributed by various entities that are not under common control; and
(b) use those assets to provide benefits to employees of more than one entity, on the basis that contribution and benefit levels are determined without regard to the identity of the entity that employs the employees.