The projected benefit obligation was $140 million at the beginning of the year and $149 million...
The projected benefit obligation was $140 million at the
beginning of the year and $149 million at the end of the year. At
the end of the year, pension benefits paid by the trustee were $3
million and there were no pension-related other comprehensive
income accounts requiring amortization. The actuary’s discount rate
was 5%.
What was the amount of the service cost for the year?
Homework Answers
Amount of the service cost for the year will be calculated as under (in $ Millions):
Projected benefit obligation at the end of the year = $149
Add: Pension benefits paid by trustee = $3
Less: Projected benefit obligation at the beginning of the year = $140
Less: Interest cost = $7 (see note)
SERVICE COST = $5 million
Notes
Projected benefit obligation at the beginning of the year * actuary’s discount rate
= $140*5% =
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