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Homework Answers
| 2 | Annual retirement payment | 15300 |
| 3 | PBO for 2021 | 119314 |
| 4 | PBO for 2024 | 175397 |
Workings:
2. Annual retirement payment = 1.2%* 15 * 85000 = 15300
3.
| Opening balance of PBO | 42840 | [1.2%*14*255000] |
| Annuity value of PBO | 430931 | [42840* PVAF(7%,18years)] |
| Present value annuity | 104074 | [430931*PVF(7%,21 years)] |
| Annual retirement payments for 2021 | 3060 | [1.2%*1*255000] |
| Annuity value of Service cost | 30781 | [3060* PVAF(7%,18years)] |
| Present value annuity | 7954 | [30781*PVF(7%,20 years)] |
| Interest cost for 2021 | 7285 | [104074*7%] |
| PBO for 2021 | 119314 | [104074+7954+7285] |
| Annual retirement payments for 2021 | 55080 | [1.2%*18*255000] |
| Annuity value of PBO | 554055 | [55080* PVAF(7%,18years)] |
| PBO for 2024 | 175397 | [430931*PVF(7%,17 years)] |
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Problem 17-2 (Algo) PBO calculations; present value concepts [LO17-3] Sachs Brands's defined benefit pension plan specifies...
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Sachs Brands's defined benefit pension plan specifies annual
retirement benefits equal to 1.5% × service years × final year's
salary, payable at the end of each year. Angela Davenport was hired
by Sachs at the beginning of 2007 and is expected to retire at the
end of 2041 after 35 years' service. Her retirement is expected to
span 18 years. Davenport's salary is $88,000 at the end of 2021 and
the company's actuary projects her salary to be $270,000 at...
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