Solution: | |
Part-2 | |
Calculation of annual retirement payments | |
Annual retirement benefit at the end of 2033 is 1.6% x 35 years x $250,000 | $ 140,000 |
Annual retirement payments earned as of the end of 2013 is PV of $140,000 as of end of 2013 | |
Therefore PV of $140,000 @6% discount rate = $140,000 PV(6%, 20) | |
= $140,000 X 0.312 | $ 43,680 |
Part-3 | |
Companies accumulated benefit obligation at the end of 2013 with respect to Davenport | |
1.6% x 15 years x $84,000 | $ 20,160 |
Part-4 | |
Companies accumulated benefit obligation at the end of 2016 with respect to Davenport | |
1.6% x 18 years x $90,000 | $ 25,920 |
Problem 17-1 ABO calculations; present value concepts [L017-2,17-3] Sachs Brands' defined benefit...
Check my work Problem 17-1 ABO calculations; present value concepts [LO17-2, 17-3) Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6% service payable at the end of each year Angela Davenport was hired by Sachs at the beginning of 2004 a 2038 after 35 years' service. He company's actuary projects her salary to be $325,000 at retirement. The actuary's discount rate is 9%. EvoSL Pyosi PVA of $1. EVAD of $1 and PVAD of S) (Use...
Check my work Problem 17-1 ABO calculations; present value concepts [LO17-2, 17-3] Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6% 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 $99,000 at the end of...
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% × service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 1999 and is expected to retire at the end of 2033 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $82,000 at the end of 2013 and the company’s actuary projects her salary to be $240,000 at...
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...
Problem 17-3 Service cost, interest, and PBO calculations; present value concepts (LO17-3] 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 $91,000 at the end of...
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...
Sachs Brands' defined benefit pension plan specifies annual
retirement benefits equal to: 1.6% × service years × 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 $94,000 at the end of 2018 and
the company's actuary projects her salary to be $300,000 at...
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% × service years × final year's 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 $87,000 at the end of 2016 and the company’s actuary projects her salary to be $265,000 at...
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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...