Problem: Sage Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan.
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01-Jan-17
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31-Dec-17
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Vested benefit obligation
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$1,560
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$2,020
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Accumulated benefit obligation
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2,020
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2,780
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Projected benefit obligation
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2,620
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3,290
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Plan assets (fair value)
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1,860
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2,690
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Settlement rate and expected rate of return
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10%
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Pension asset/liability
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760
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?
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Service cost for the year 2017
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410
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Contributions (funding in 2017)
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750
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Benefits paid in 2017
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190
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Required:
Q1. Compute the actual return on the plan assets in 2017.
Q2. Compute the amount of the other comprehensive income (G/L) as of December 31, 2017. (Assume the January 1, 2017, balance was zero.)
Q3. Compute the amount of net gain or loss amortization for 2017 (corridor approach).
Q4. Compute pension expense for 2017.
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