Contribution pension plans

Lecture Intermediate accounting - Chapter 17: Pensions and other postretirement benefits. We discuss pension benefits and other postretirement benefits in this chapter. Accounting for pension benefits recognizes that they represent deferred compensation for current service. Accordingly, the cost of these benefits is recognized on an accrual basis during the years that employees earn the benefits.

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Lecture Class #21: Accounting for pension plans. After studying this section will help you understand: Firms establish retirement pension plans to attract and retain quality employees. Upon retirement, benefit payments to employee is based on value of accumulated contributions.

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This chapter’s objectives are to: Pension plans, traditional defined benefit pension, defined contribution pension, cash balance pension, plan qualification, eligibility, retirement ages, form of payment,...

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This chapter’s objectives are to: Fundamentals of private retirement plans, defined benefit plans, defined contribution plans, profit-sharing plans, retirement plans for the self-employed, simplified employee pension, simple retirement plans, funding agency and funding instruments.

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Chapter 29 provides knowledge of pension plan management. This chapter presents the following content: Pension plan terminology, defined benefit versus defined contribution plans, pension fund investment tactics, retiree health benefits.

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This chapter include objectives: Explain the fundamental differences between a defined contribution pension plan and a defined benefit pension plan; distinguish among the vested benefit obligation, the accumulated benefit obligation, and the projected benefit obligation; describe the five events that might change the balance of the PBO;...

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After studying this chapter, you should be able to: Understand the importance of pensions from a business perspective, identify and account for a defined contribution benefit plan, identify and explain what a defined benefit plan is and the related accounting issues,...

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Chapter 10 - Pensions and other fiduciary activities. In this chapter, the learning objectives are: Why pensions are important, distinctions between defined contribution and defined benefit pension plans, the relationships between an employer and its pension trust, main issues faced by government employers in accounting for pension plans,...

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Chapter 14 - Pensions and postretirement benefits. The goals of this chapter are: The rights and obligations in defined contribution and defined benefit plans, the features of pension plan arrangements, the components of pension expense and their relation to pension assets and pension liabilities, how GAAP smooths the volatility inherent in pension estimates and forecasts,…

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Chapter 17 - Pensions and other postretirement benefits. Employee compensation comes in many forms. Salaries and wages, of course, provide direct and current payment for services provided. However, it’s commonplace for compensation also to include benefits payable after retirement. We discuss pension benefits and other postretirement benefits in this chapter.

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When considering demand side factors, we find that wealthier countries, measured by GDP per capita, and countries with a more educated population have a larger mutual fund sector. These effects are particularly pronounced for the equity sector, which may require a higher level of investor sophistication. Internet penetration is also positively related to the size of the mutual fund sector, but it is highly correlated with the other demand size variables.

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The risk that one will outlive one’s money is best referred to as “longevity risk.” The traditional way that savers have managed this risk is by purchasing life annuities or by having annuitylike cash flow streams purchased for them through defined- benefit (DB) pension plans. (Social Security can also be understood, at least from the viewpoint of the recipient, as an inflation-indexed life annuity.) DB pension plans are declining in importance, however, and a great many workers do not have such a plan.

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At the peak of the stock market boom in the late 1990s, state and local public pension systems experienced an unprecedented growth in their asset value. As a result, pension benefits for public employees were increased in many states and at the same time government employers reduced their contribution to the pension systems. The stock market downturn between 2000 and 2002, however, brought this almost perfect combination to a halt.

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For many people, the present value of their future pension annuity is their largest financial asset. The retirement income may come from a variety of pension accumulations, including defined contribution plans, defined benefit plans, individual retirement accounts, Keogh plans, and tax deferred annuityplans.

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Consistent with this logic, the pension plan assets of Boots, the U.K. pharmaceutical retailer, were made up of 75% stocks and 25% bonds at yearend 1999. But between the spring of 2000 and July 2001, the company’s pension plan sold all its equities and invested the proceeds in duration-matched bonds. Security analysts, accountants, and actuaries were critical of Boots’s new strategy. The lower expected returns from bonds, they charged, would force Boots to increase its contributions to the plan in future years, thereby reducing expected future earnings and presumably firm value.

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Chapter 29 Pension Plan Management ANSWERS a. Under a defined benefit plan, the employer agrees to give retirees a specifically defined benefits package. The payments could be set in final form as of the retirement date, or they could be indexed to increase with the cost of living. b. Under a defined contribution plan

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