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Question - Erickson Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan.
January 1, 2014
December 31, 2014
Vested benefit obligation
$1,970
$2,460
Accumulated benefit obligation
2,460
3,840
Projected benefit obligation
2,080
3,300
Plan assets (fair value)
1,160
2,590
Settlement rate and expected rate of return
10
%
Pension asset/liability
920
?
Service cost for the year 2014
420
Contributions (funding in 2014)
890
Benefits paid in 2014
260
(a) Compute the actual return on the plan assets in 2014.
(b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2014. (Assume the January 1, 2014, balance was zero.) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
(c) Compute the amount of net gain or loss amortization for 2014 (corridor approach).
(d) Compute pension expense for 2014.
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