Homework Answers
In determining the present value of the prospective benefits (often referred to as the projected benefit obligation), the following are considered by the actuary:
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benefit provisions of the plan.
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interest rates.
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retirement and mortality rate.
the following is not considered:
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insurance provisions of the plan.
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In determining the present value of the prospective benefits (often referred to as the projected benefit...
7.) Based on the following information calculate the present value of retirement benefits as of the...
7.) Based on the following information calculate the present value of retirement benefits as of the retirement date. Write in the amount on the cover sheet $ FACTS: The company has a defined benefit plan Trevor's salary at the end of 2017 Retirement expected after Retirement period is expected to be Interest Rate Benefits are calculated as a formula as the product of: Service already provided Percentage Final year's salary is projected to be 47,000 27 8 1.0% years of...
Millions 2016 Projected Benefit Obligation Projected benefit obligation at beginning of year $ 3,958 Service cost...
Millions 2016 Projected Benefit Obligation Projected benefit obligation at beginning of year $ 3,958 Service cost 84 Interest cost 143 Actuarial loss/(gain) 124 Gross benefits paid (199) Projected benefit obligation at end of year $ 4,110 Plan Assets Fair value of plan assets at beginning of year $ 3,544 Actual return/(loss) on plan assets 279 Voluntary funded pension plan contributions 100 Non-qualified plan benefit contributions 24 Gross benefits paid (199) Fair value of plan assets at end of year $...
Problem 17-2 PBO calculations; present value concepts (LO17-3] Sachs Brands' defined benefit pension plan specifies annual...
Problem 17-2 PBO calculations; present value concepts (LO17-3] Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $97,000 at the end of 2018 and the company's...
Problem 17-2 (Algo) PBO calculations; present value concepts [LO17-3] Sachs Brands's defined benefit pension plan specifies...
Problem 17-2 (Algo) PBO calculations; present value concepts [LO17-3] Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.2% x 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 $85,000 at the end of 2021 and the company's...
Required: Match the term on the right to the appropriate definition or description on the left. T...
Required: Match the term on the right to the appropriate definition or description on the left. Term Definition 1. Actuarial method 2. Projected benefit obligation 3. Underfunded plan 4. Defined contribution plarn 5. Vested benefit obligation 6. Prior service costs A. Employee Retirement Income Security B. Benefits provided as a result of amounts C. Benefits for vested and nonvested D. Cost of benefits arising from pasted year E. Benefits provided based on a formula F. Irrevocable accumulation of benefits Act...
Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.7%...
Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.7% x Service years Final year's salary Stanley Mills was hired by Clark at the beginning of 1999. Mills is expected to retire at the end of 2043 after 45 years of service. His retirement is expected to span 15 years. At the end of 2018, 20 years after being hired, his salary is $85,000. The company's actuary projects Mills's salary to be $320,000 at...
Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.7%...
Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.7% x Service years Final year's salary Stanley Mills was hired by Clark at the beginning of 1999. Mills is expected to retire at the end of 2043 after 45 years of service. His retirement is expected to span 15 years. At the end of 2018, 20 years after being hired, his salary is $85,000. The company's actuary projects Mills's salary to be $320,000 at...
56 Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service...
56
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $81,000 at the end of 2018 and the company's actuary projects her salary to be $235,000...
show all work Question 1: O'Sheet Linen Company defined benefit pension plan specifies annual retirement benefits...
show all work
Question 1: O'Sheet Linen Company defined benefit pension plan specifies annual retirement benefits equal to 1.4% 0.014) X service years X final year's salary, payable at the end of each vear. Alan Devereaux was hired by O'Sheet at the beginning of 2012 and is expected to retire at he end of 2036 after 25 years of service. His retirement is expected to span 12 years. Devereaux's salary is $50.000 at the end of 2018 and the company's...
Please HELP ASAP!! Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4%...
Please HELP ASAP!!
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% x service years x final years salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2002 and is expected to retire at the end of 2036 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $92,000 at the end of 2016 and the company's actuary projects her salary to...
7.) Based on the following information calculate the present value of retirement benefits as of the retirement date. Write in the amount on the cover sheet $ FACTS: The company has a defined benefit plan Trevor's salary at the end of 2017 Retirement expected after Retirement period is expected to be Interest Rate Benefits are calculated as a formula as the product of: Service already provided Percentage Final year's salary is projected to be 47,000 27 8 1.0% years of...
Problem 17-2 PBO calculations; present value concepts (LO17-3] Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $97,000 at the end of 2018 and the company's...
Problem 17-2 (Algo) PBO calculations; present value concepts [LO17-3] Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.2% x 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 $85,000 at the end of 2021 and the company's...
Required: Match the term on the right to the appropriate definition or description on the left. Term Definition 1. Actuarial method 2. Projected benefit obligation 3. Underfunded plan 4. Defined contribution plarn 5. Vested benefit obligation 6. Prior service costs A. Employee Retirement Income Security B. Benefits provided as a result of amounts C. Benefits for vested and nonvested D. Cost of benefits arising from pasted year E. Benefits provided based on a formula F. Irrevocable accumulation of benefits Act...
Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.7% x Service years Final year's salary Stanley Mills was hired by Clark at the beginning of 1999. Mills is expected to retire at the end of 2043 after 45 years of service. His retirement is expected to span 15 years. At the end of 2018, 20 years after being hired, his salary is $85,000. The company's actuary projects Mills's salary to be $320,000 at...
Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.7% x Service years Final year's salary Stanley Mills was hired by Clark at the beginning of 1999. Mills is expected to retire at the end of 2043 after 45 years of service. His retirement is expected to span 15 years. At the end of 2018, 20 years after being hired, his salary is $85,000. The company's actuary projects Mills's salary to be $320,000 at...
56
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $81,000 at the end of 2018 and the company's actuary projects her salary to be $235,000...
show all work
Question 1: O'Sheet Linen Company defined benefit pension plan specifies annual retirement benefits equal to 1.4% 0.014) X service years X final year's salary, payable at the end of each vear. Alan Devereaux was hired by O'Sheet at the beginning of 2012 and is expected to retire at he end of 2036 after 25 years of service. His retirement is expected to span 12 years. Devereaux's salary is $50.000 at the end of 2018 and the company's...
Please HELP ASAP!!
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% x service years x final years salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2002 and is expected to retire at the end of 2036 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $92,000 at the end of 2016 and the company's actuary projects her salary to...
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