Homework Answers
Types of PLANS OPTION
- ERISA J
- VESTED RIGHTS H
- NON CONTRIBUTORY PENSION PLAN F
- CONTRIBUTORY PENSION PLAN B
- DEFINED CONTRIBUTION PLAN E
- DEFINED BENEFIT PLAN C
- QUALIFIED PENSION PLAN A
- PROFIT SHARING PLAN I
- PENSION PROTECTION PLAN G
- CASH BALANCE PLAN D
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Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. V...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan represents the a) difference between the expected and actual return on plan assets. b) increase in the defined benefit obligation due to the passage of time. c) increase in the fair value of plan assets due to the passage of time. d) interest earned on the plan assets for the year. An experience gain or loss (adjustment) is a) additional...
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...
Which type of pension plan is required to pay out a certain sum, generally based on...
Which type of pension plan is required to pay out a certain sum, generally based on a percentage of salary upon retirement and the number of years of service? Multiple Choice Defined Contribution. Contributory. Defined Benefit. Noncontributory.
Matching Questions 1. A traditional pension plan in which you receive a promised payout at retire...
Matching Questions 1. A traditional pension plan in which you receive a promised payout at retirement. 2. A retirement plan in which the employer provides all of the funding and employees do NOT put their own money into the plan. 3. A type of retirement plan where both the employee and employer can/do put money into the plan. 4. A retirement plan provision that allows you to take your account balance with you if you leave your current employer and...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year, Shock contributed 6% of each eligible employee's salary to the SEP plan. Several of the employees of the company are unfamiliar with the provisions of SEP plans and have come to you requesting information. Which of the following statements regarding the basic provisions of SEP plans are CORRECT?...
Stone Corporation has a defined benefit pension plan. One of its employees has vested benefits under...
Stone Corporation has a defined benefit pension plan. One of its employees has vested benefits under the plan, which will pay her $30,000 annually for life starting with the first $30,000 payment on the day she retires at the age of 65. The employee has just reached the age of 45. Stone consulted standard mortality tables to come up with a life expectancy of 80 for this employee. The implicit interest rate under the plan is 9%. Required: To fulfill...
P19.12 You are the auditor of Beaton and Gunter Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of e
P19.12 You are the auditor of Beaton and Gunter Inc., the Canadian subsidiary of a public multinational engineering company that offers a defined benefit pension plan to its eligible employees. Employees are permitted to join the plan after two years of employment, and benefits vest immediately. You have received the following information from the fund trustee for the year ended December 31, 2020: Discount rate 5% Rate of compensation increase 3.5% Defined Benefit Obligation Defined benefit obligation at January 1,...
4. Zofia works for Red Corporation, which has a contributory defined contribution pension plan. The employer's...
4. Zofia works for Red Corporation, which has a contributory defined contribution pension plan. The employer's monthly contribution to the plan is 4 percent of each participating mployee's monthly salary, while the employee also contributes 4 percent. Which of the following statements best describes the benefits of the plan? A) Red receives a deduction for its contributions to the plan when Zofia receives a distribution from the plan. B) While Zofia is taxed on the employer's contributions to the plan,...
* Question 6 Cheyenne Inc. has sponsored a noncontributory, defined benefit pension plan for its employees...
* Question 6
Cheyenne Inc. has sponsored a noncontributory, defined benefit
pension plan for its employees since 1997. Prior to 2020,
cumulative net pension expense recognized equaled cumulative
contributions to the plan. Other relevant information about the
pension plan on January 1, 2020, is as follows.
1.
The company has 200 employees. All these employees are expected
to receive benefits under the plan. The average remaining service
life per employee is 12 years.
2.
The projected benefit obligation amounted to...
Sheridan Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 1997. Prior...
Sheridan Inc. has sponsored a noncontributory, defined benefit
pension plan for its employees since 1997. Prior to 2020,
cumulative net pension expense recognized equaled cumulative
contributions to the plan. Other relevant information about the
pension plan on January 1, 2020, is as follows.
1.
The company has 200 employees. All these employees are expected
to receive benefits under the plan. The average remaining service
life per employee is 12 years.
2.
The projected benefit obligation amounted to $4,903,000 and the...
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...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year, Shock contributed 6% of each eligible employee's salary to the SEP plan. Several of the employees of the company are unfamiliar with the provisions of SEP plans and have come to you requesting information. Which of the following statements regarding the basic provisions of SEP plans are CORRECT?...
Stone Corporation has a defined benefit pension plan. One of its employees has vested benefits under the plan, which will pay her $30,000 annually for life starting with the first $30,000 payment on the day she retires at the age of 65. The employee has just reached the age of 45. Stone consulted standard mortality tables to come up with a life expectancy of 80 for this employee. The implicit interest rate under the plan is 9%. Required: To fulfill...
4. Zofia works for Red Corporation, which has a contributory defined contribution pension plan. The employer's monthly contribution to the plan is 4 percent of each participating mployee's monthly salary, while the employee also contributes 4 percent. Which of the following statements best describes the benefits of the plan? A) Red receives a deduction for its contributions to the plan when Zofia receives a distribution from the plan. B) While Zofia is taxed on the employer's contributions to the plan,...
* Question 6
Cheyenne Inc. has sponsored a noncontributory, defined benefit
pension plan for its employees since 1997. Prior to 2020,
cumulative net pension expense recognized equaled cumulative
contributions to the plan. Other relevant information about the
pension plan on January 1, 2020, is as follows.
1.
The company has 200 employees. All these employees are expected
to receive benefits under the plan. The average remaining service
life per employee is 12 years.
2.
The projected benefit obligation amounted to...
Sheridan Inc. has sponsored a noncontributory, defined benefit
pension plan for its employees since 1997. Prior to 2020,
cumulative net pension expense recognized equaled cumulative
contributions to the plan. Other relevant information about the
pension plan on January 1, 2020, is as follows.
1.
The company has 200 employees. All these employees are expected
to receive benefits under the plan. The average remaining service
life per employee is 12 years.
2.
The projected benefit obligation amounted to $4,903,000 and the...
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