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Post-Employment Benefits - Assignment Example

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From the paper "Post-Employment Benefits" it is clear that in the situation of internal re-organization, it would make sense for it to reduce the liabilities in its balance sheet to as low as possible. By going ahead with a new DCP policy, the company can reduce its liabilities…
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Post-Employment Benefits
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Download file to see previous pages 2. We have been provided with what would be "amortized" this year (2007) towards Unrecognized Prior Service Costs, but we have not been provided with what is the actual amount pending towards UPSC.
3. We have been told that the employer's contribution would be 3% of payroll. But we do not know as to what are the company's expenses on salaries and wages.
4. We have no information regarding the number of employees involved in the scheme, their retirement dates, etc. All this information can influence the answer.
So, where ever required, we have made suitable assumptions relating to the above missing information.
Answer 1:
From the given information, if the company decides to go on with its existing (DBP) post-employment benefits plan, from the information available, we can draw up an approximate pension worksheet, as follows:
General Journal Entries
Memo Record
Annual Pension Expense
(Prepaid) / Accrued Cost
Projected Benefit Obligation
Plan Assets
Unrecognized Prior Service Cost
Balance, Dec. 31, 2006
810,000 Cr
Unrecognized Prior Service Cost
Balance, Jan. 1, 2007
(810,000+) Cr
340,000 Dr
Service Cost
88,000 Dr
Interest Cost
81,000 Dr
81,000 Cr
Actual Return
34,000 Cr
34,000 Dr
Amortization of UPSC
21,000 Dr
21,000 Cr
X Cr
X Dr
Journal Entry for 2007
156,000 Dr
X Cr
(156,000 - X) Cr
Balance, Dec. 31, 2007
(374,000 + X) Dr
Note: In the above table,
1. Interest / Discount / Settlement Rate = 10%
2. Opening and closing balance of Unrecognized Prior Service Cost is unknown. (Shown as '')
3. Since the amount contributed by the employer...
They do so by letting the company switch over from its existing 'defined benefits plan' to a 'defined contribution plan' to save costs.
3. The employees give up their claim on every other liability, like whatever is pending towards Unrecognized Prior service costs, whatever would be this year's service cost, interest burden on whatever is pending towards 'Projected Benefits Obligation', etc.
5. Employer will contribute 3% of the payroll towards the 'retirement fund' or the 'plan assets' henceforth regardless of whatever has been accumulated in the fund, whether it is sufficient, insufficient or in excess.
6. AND henceforth, since the company moves on with a 'defined contribution plan', the employer doesn't have any more liability other than payment of his annual contribution towards the fund and whatever post-employment benefits are to be derived would be out of the balance in the 'fund' kept aside for that purpose.
From the given information, if the company decides to go on with its existing (DBP) post-employment benefits plan, from the information available, we can draw up an approximate pension worksheet, as follows:
While, if the employer decides to switch over to a 'defined contribution plan' where the employer pays 3% of payroll as his contribution, the agreement being that the employees get to keep what is already in the defined benefit plan (Plan Assets only), we can draw up an approximate pension worksheet as follows: ...Download file to see next pagesRead More
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Post-Employment Benefits Assignment Example | Topics and Well Written Essays - 1750 Words.
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