The following information is based on an actual annual report. Different names and years are being used. Bond and some of its subsidiaries provide certain postretirement medical, dental, and vision care and life ins for retirees and their dependents and for the surviving dependents of eligible employees and retirees. Gene the employees become eligible for postretirement benefits if they retire no earlier than age 55 with 10 years service. The liability for postretirement benefits is funded through trust funds based on actuarially determine contributions that consider the amount deductible for income tax purposes. The health care plans are contril funded jointly by the companies and the participating retirees. The December 31, 20X2 and 20X1, postretires benefit liabilities and related data were determined using the January 1, 20X2, actuarial valuations. Information related to the accumulated postretirement benefit obligation plan for the years 20X2 and 20X1 f Years Ended Decembe ($ in thousands) Change in benefit obligation 20X2

What is an accurate description of vested rights concerning a pension plan? Question 5 options: a) Rights to receive accrued interest over the life of the plan b) Rights of survivorship to receive at least the interest accrued if the deceased at time of death c) Rights to at least 50% of the initial lump sum payment d) Rights to pension benefits based on employee's/firm's contributions

The trustee for the Bronson Corporation defined benefit pension plan sent a report to the CEO with the following information for the fiscal year:       Beginning balance of plan assets at fair value $ 1,560,000   Actual return on plan assets $ 210,000   Employer’s contribution $ 150,000   Distributions to retirees $ 75,000   Service cost $ 125,000   Interest cost $ 156,000   Loss from changes in benefits or assumptions $ 35,000   Beginning balance of the PBO $ 1,580,000       The ending balance of plan assets is:   Multiple Choice   $1,770,000.   $1,845,000.   $1,920,000.   $1,955,000.

The following selected transactions occurred for a nongovernmental, not-for-profit organization. 1. Received a contribution of stock to establish an endowment fund. The income from the endowment is unrestricted. The donor had acquired the stock for $23 about 20 years earlier. Its estimated fair value when donated was $250. 2. Pledges receivable at year end were $100, all from pledges received during the year. The pledges are unrestricted and 5% of the pledges are estimated to be uncollectible. The pledges expect to be collected early next year. For questions 3-5, assume that the organization has adopted a policy that restrictions on donations made for capital purposes are met when the capital item is purchased. A cash gift of $200 was received restricted for the purchase of equipment. Equipment of $80 was purchased from the gift restricted for this purpose. Depreciation expense for the year on the equipment purchased is $10. Required: Prepare the journal entries for the above…

The City of Sweetwater maintains in trust the Employees’ Retirement Fund, a single-employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees’ Retirement Fund as of July 1, 2023, is shown here: CITY OF SWEETWATER Employees’ Retirement Fund Statement of Fiduciary Net Position As of July 1, 2023 Assets   Cash $145,000 Accrued Interest Receivable 59,200 Investments, at Fair Value:   Bonds 4,507,000 Common Stocks 1,313,000 Total Assets 6,024,200 Liabilities   Accounts Payable and Accrued Expenses 384,000 Fiduciary Net Position Restricted for Pensions $5,640,200 During the year ended June 30, 2024, the following…

Sunland Corporation is a privately-owned company that uses ASPE. On January 1, 2023, Sunland's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,310,000 1,470,000 Sunland Corporation's actuary provided the following information on December 31, 2023: Current year service cost $82,000 Prior service cost, granted Jan 1, 2023 198,000 Employer contributions for the year 88,000 Benefits paid to retirees 28,000 Expected return on assets 5% Actual return on assets Discount rate 6% 5% (a) Prepare a pension worksheet for Sunland Corporation for 2023. Balance, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry - 2023 Net Funding Entry Balance, December 31, 2023 Annual Defined Benefit Expense > > > > > General Journal…

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You have the following information related to Chalmers Corporation's pension plan: Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) a. Defined benefit, noncontributory pension plan. b. Plan initiation, January 1, 20X3 (no credit given for prior service). c. Retirement benefits paid at year-end with the first payment one year after retirement. d. Assumed discount rate of 7%. e. Assumed expected rate of return on plan assets of 9%. f. Annual retirement benefit equals years of credited service × 0.02 x highest salary. g. Chalmers made $1,200 contributions to the pension fund at the end of each year. h. The actual returns were $0 and $48 in 20X3 and 20X4, respectively. i. Information for Frank Bullitt, the firm's only employee, follows: January 1, 20X0 December 31, 20Y7 (15 years from plan inception) Start date Expected retirement date Expected number of payments during retirement 20 Selected actual and expected…

Required information [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) Assuming Matthew's annual salary is $71,000, c-1. What amount will SV contribute to Matthew's money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 2021? Complete this question by entering your…