accumulated benefit obligation

Sigchi4life
Category:
Accounting
Price: $5 USD

Question description

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Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% × service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 1999 and is expected to retire at the end of 2033 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $96,000 at the end of 2013 and the company’s actuary projects her salary to be $310,000 at retirement. The actuary's discount rate is 6%. (FV of $1PV of $1,FVA of $1PVA of $1FVAD of $1 and PVAD of $1)

What is the company’s accumulated benefit obligation at the end of 2013 with respect to Davenport? 

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