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Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.2% × current service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 1998 and is expected to retire at the end of 2032 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $95,000 at the end of 2011 after 14 years of service and the company's actuary projects her salary to be $305,000 at retirement. The actuary's discount rate is 9%.
1. Estimate by the accumulated benefits approach the amount of Davenport's annual retirement payments earned as of the end of 2011(after 14 years of service)2. Compute the PBO for Sachs as of the end of 2011(after 14 years of service)3. Compute Sachs's annual pension benefits earned as of the end of 2012(after 15 years of service)4. Compute the PBO for Sachs as of then end of 2012(after 15 years of service)5. Compute the service and interest cost for 2012 with respect to Sachs.
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