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PREMIT GROUP PATENTS PROGRAM TO MANAGE RETIREE HEALTH CARE LIABILITY CRISIS

 PREMIT GROUP PATENTS PROGRAM
 TO MANAGE RETIREE HEALTH CARE LIABILITY CRISIS
 NEW YORK, Aug. 3 /PRNewswire/ -- PREMIT Group, Inc., today announced it was awarded U.S. Patent No. 5,136,502 for a comprehensive management system which enables Corporate America to manage its huge retiree health care liabilities. Created five-and-a-half years ago, the New York based PREMIT Group, Inc. is a consulting firm which focuses solely on the issue of funding retiree health care liabilities.
 The patented PREMIT(R) (Prefunded Retiree Medical Investment Trust) program is a management system that quantifies the retiree health care liability, tracks the funding of the liability, maximizes tax savings, and is a means to account for the program's impact on the corporate balance sheet and income statement.
 PREMIT Group, Inc. was created to respond to the Financial Accounting Standards Board's FAS 106 rule, which was released in December of 1990. The accounting rule mandates a change in how companies account for the liability of providing promised health care benefits to their retirees. These liabilities are estimated at $2 trillion.
 Under the new FASB rule, corporations will have to report their liabilities on their balance sheet and as a charge against earnings for fiscal years beginning after Dec. 15, 1992. The impact of these liabilities -- especially earnings per share -- is expected to be devastating for many companies.
 According to PREMIT Group, Inc.'s President & CEO Fred Van Remortel, "The PREMIT system is by far the superior option available to corporations that are setting aside assets to offset their growing retiree health care liabilities."
 -0- 8/3/92
 /NOTE TO EDITORS: The media is invited to attend a press briefing on Aug. 4 at which the PREMIT system and its patent will be formally announced at 11 a.m. The briefing will be held at PREMIT Group, Inc.'s headquarters at 1675 Broadway (at 52nd Street), 31st floor. Please contact Michael Anstendig, Jay DeBow & Partners, if you wish to attend. His number is 212-315-8242/
 /CONTACT: Fred Van Remortel of PREMIT Group, 212-581-1100; or Michael Anstendig of Jay DeBow & Partners, 212-315-8242, for PREMIT/ CO: PREMIT Group, Inc. ST: New York IN: HEA SU: PDT


SH-LR -- NY058 -- 6225 08/03/92 14:05 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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