Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.5% service years final year's salary. payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end off 2044 after 35 years' service, Her retirement is expected to span 18 years. Davenport's salary is $88,000 at the end of 2024 and the company's actuary projects her salary to be $270,000 at retirement. The actuary's discount rate is 6%. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) At the beginning of 2025, the pension formula was amended to: 1.65% - Service years * Final year's salary The amendment was made retroactive to apply the increased benefits to pric service years. Required: 1. What is the company's prior service cost at the beginning of 2025 with respect to Davenport after the amendment described

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.