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Question - 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.
($ in 000s)
2018 Beginning Balances
2018 Ending Balances
Projected benefit obligation
$3,300
$3,501
Plan assets
3,400
3,691
Funded status
100
190
Prior service cost-AOCI
370
333
Net gain-AOCI
382
335
Retirees were paid $260,000 and the employer contribution to the pension fund was $255,000 at the end of 2018. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 6%. There were no changes in actuarial estimates and assumptions regarding the PBO.
Required -
1. Determine the actual return on plan assets of 2018.
2. Determine the loss or gain on plan assets of 2018.
3. Determine the service cost of 2018.
4. Determine the pension expense of 2018.
5. Average remaining service life of active employees (used to determine amortization of the net gain).
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