FIDUCIARY ACCOUNTING FOR RETIREMENT PLANS AND PENSIONS
ABSTRACT
This research investigates fiduciary accounting for retirement plans and pensions, focusing on regulatory compliance, accurate benefit calculation, and effective fund management. A survey design was employed to collect data from fiduciary accountants and pension administrators, providing insights into their practices and challenges. The sample size, determined using Taro Yamane's formula, was 370 from a population of 7,500 fiduciary accountants in Abuja, ensuring a reliable sample. Abuja was chosen for its central role in pension administration and regulatory oversight. The study's reliability coefficient score was 0.86, indicating the reliability of the survey instrument. Findings reveal that regulatory compliance and accurate benefit calculation are major challenges, alongside effective fund management. The study recommends enhancing regulatory frameworks and providing specialized training to fiduciary accountants to improve the management of retirement plans and pensions.
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