Solution-Determine the postretirement benefit expense

Determine the postretirement benefit expense

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Reference no: EM132815095

Question - The information below pertains to the retiree health care plan of Thompson Technologies:

	($ in 000s)
	2021 Beginning Balances	2021 Ending Balances
Accumulated postretirement benefit obligation	$500	$525
Plan assets	0	75
Funded status	(500)	(450)
Prior service cost-AOCI	145	120
Net gain-AOCI	(55)	(54)

Thompson began funding the plan in 2021 with a contribution of $132,000 to the benefit fund at the end of the year. Retirees were paid $57,000. The actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions.

Required -

1. Determine the service cost for 2021.

2. Determine the postretirement benefit expense for 2021.

3. Determine the net benefit liability for 2021.

Reference no: EM132815095

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Determine the postretirement benefit expense

Reference no: EM132815095

Reference no: EM132815095

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