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Calculate the postretirement benefit expense

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Question - Bridgewater Company provides postretirement health care benefits to employees who provide at least 15 years of service and reach the age of 65 while in service. On December 31, 2014, the following plan-related data was available.

APBO balance - $20,000,000

Fair value of plan assets - none

Average remaining service period to retirement - 20 years

Average remaining service period to full eligibility - 10 years

On January 1, 2015, Bridgewater amends the plan to provide dental benefits. The actuary determines that the cost of making the amendment retroactive increases the APBO by $4,000,000. Management of the company chooses to amortize this amount on a straight-line basis. The service cost is $3,500,000. The appropriate interest rate is 8%. Calculate the postretirement benefit expense for 2015.

Reference no: EM131731104

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