Listed below are several terms and phrases associated with pensions. Pair each i

Question

Listed below are several terms and phrases associated with pensions. Pair each item from List A with the tem from List B (by letter) that is most appropriately associated with it. 1. Future 2. All funding provided by the employer 3. Credit to OCI and debit to plan assets. Vested benefit obligation 4. Retirement benefits specified by formula. d. Projected benefit obligation evels estimated. a. Actual return exceeds expected b. Net gain-AOCI Trade-off between relevance and e. IChoice between PBO and ABO reliabil 6. Cumulative gains in excess of losses. pension plan Current pay levels implicitly assumed. 8. Created by the passage of time 9. Not contingent on future employment i. Interest cost 10Risk borne by employee. 11. Increased by employer contributions. 2 Caused by plan amendment 13 Loss on plan assets. 14|Excess over 10% of plan assets or PBO. In. Amortize net loss-AOCI Accumulated benefit obligation h. Plan assets Delayed recognition in earnings k. Defined contribution plan l. Defined benefit plan m. Prior service cost

Explanation / Answer

1. future compensation levels estimated - Projected benefit obligation

2. all funding provided by the employer - Noncontributory pension plan

3. credit to OCI and debit to plan assets - Actual return exceeds expected

4. retirement benefits specified by formula - defined benefit plan

5. trade-off between relevance and reliability - choice between PBO and ABO

6. cumulative gains in excess of losses - Net gain - AOCI

7. current pay levels implicitly assumed - Accumulated benefit obligation

8. created by the passage of time - Interest cost

9. not contingent on future employment-Vested benefit obligations

10. risk borne by employee - Defined contribution plan

11. increased by employer obligations - Plan assets

12. caused by plan amendment - Prior service cost

13. loss on plan assets - Delayed recognition in earnings

14. excess over 10% of plan assets or PBO - Amortize net loss - AOCI

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