Solution-Average remaining service life of active employees

Average remaining service life of active employees

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Reference no: EM131002685

The funded status of Hilton Paneling Inc.'s defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below.
Retirees were paid $270,000 and the employer contribution to the pension fund was $245,000 at the end of 2011. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO.

Required:
Determine the following amounts for 2011:

1. Actual return on plan assets
2. Loss or gain on plan assets
3. Service cost
4. Pension expense
5. Average remaining service life of active employees (used to determine amortization of the net gain)

Reference no: EM131002685

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Average remaining service life of active employees

Reference no: EM131002685

Reference no: EM131002685

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