RET - Week 01 Slide Questions (W24)

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7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. • If you retire at age 62, benefits of   to   % of yourfull retirement benefits   . • If you retire at age 65 to 67, receipt ofyour full retirement benefits   . • If you delay retirement until age 70, you can receive an increase   in your benefits.   Range of Benefits Dmitri, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Dmitri’s annual benefit reduction amounts in each of the following scenarios. • If Dmitri retires…

QUESTION 9 Private (employer) sources for funding your retirement could include all of the following, except: A. Pension O B. Personal Roth IRA C. 401 (k) Plan O D. Cash balance plans

QUESTION 3 Bacon Bad is a national diner that has set up a defined benefit pension plan for its employees. The company uses IFRS and has provided you with the following information pertaining to its pension plan: Pension obligation, December 31,2021 - $6854203 Plan assets, December 31, 2021 - $5906519 Interest rate on pension obligations - 3% Current service cost for the year (accrued at the end of the year) - $598059 Improvement in pension plan, effective on January 1, 2022 - $62000 Actuarial gain on change in assumptions - $0 Expected retum on plan assets -3% of plan assets Actual return on plan assets - $271186 Amounts remitted by employer to pension trust on January 1,2022 - $668416 Payments we do not need payment to retiree

Question 19 Which of the following correctly describes defined benefit (DB) pension plans? A- A typical example of DB plan is 401(K) savings account B- Retirement benefits depend on how much money has accumulated in an individual's account. C- Employers never need to report a liability related to DB plans D- Retirement benefits are based on the plan benefit formula. O A O B

Journal part B is more important ! So  part B  solve please

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…

Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.

Question 9: The Social Security wage base for 2021 is $142,800. Answer: A. O True В. O False

Question 14 what give rises to the changes in PBO balance? A- service cost and interest cost B- prior service cost that is caused by a change in pension formula C- changes in life expectancy estimates D- all of the above O A O C OD

QUESTION 20 Which proposal for ensuring that sufficient funds will be available to provide Social Security benefits to future retirees does the AARP find least objectionable? Raise the maximum income cap on which workers and employers are taxed. Provide more generous annual cost of living increases. Privatize Social Security. Lower immigration restrictions to increase the number of workers paying into the Social Security system.

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View Policies Current Attempt in Progress The following facts apply to the pension plan of Cullumber Inc. for the year 2020. Plan assets, January 1, 2020 Projected benefit obligation, January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees Items Balance, January 1, 2020 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 $ Balance, December 31, 2020 $ eTextbook and Media $501,700 501,700 8 % 43,600 25,400 52,100 33,600 Annual Pension Expense > > $ $ General Journal Entries Cash C Pensi >

Mulitple choice question   When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employers

Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.

Indicate which federal department or agency would be responsible in the following scenarios: a. An employee wants to retire and apply for Canada Pension Plan benefit b. The new type of earning introduced in the company but not sure if it is insurable -

Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect.   If you retire at age 62, benefits of _________ to _________% of your ____________. If you retire at age 65 to 67, receipt of _______________________________________. f you delay retirement until age 70, you can receive _________________in your benefits.   Range of Benefits Tim, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Tim’s annual benefit reduction amounts in each of the following scenarios.   If Tim retires this year and secures a part-time job earning $19,000, his…