What is a Defined Contribution Pension Plan? What are some other pensions plans, and how do they differ from the Defined Contribution Pension Plans?

Q: Provide strategies you can suggest that may assist in maximizing the age pension entitlement.

A: Retirement planning" is the process of preparing financially for a comfortable and secure…

Q: What is fully funded pension plan?

A: A pension plan is termed as a retirement amount, which an individual receives from their insurance…

Q: Describe the Components of Pension Expense.

A: Pension fund: A fixed sum of money is receivable in future or after the age of retirement, which the…

Q: What are the basic factors that should be considered when establishing anindividual retirement plan?

A: A plan according to which an employer contributes some amount in the pool of funds that is kept…

Q: Describe the funded status of pension plans and how that amount is reported.

A: Pension:   It refers to the fund into which a sum is added during the course of employment years.…

Q: Which type of pension plan would you prefer to be covered under (i.e., defined benefit, defined…

A: In this there are many types of pension plans available and each have own characteristics.

Q: Explain the fundamental differences between a defined contribution pension plan and a defined…

A: Defined contribution plan and defined benefit plan are the two types of pension plans.In a defined…

Q: Differentiate between employer-sponsored pension plans and self-directed retirement plans

A: Both employer-sponsored pension plans and self-directed retirement plans have some underlying…

Q: Depending on when an unfunded pension liability is to be paid, it will be classified on the balance…

A: Yes, unfunded pension liability will be classified as a liability on the BS Balance Sheet It is…

Q: What were the major effects of SFAS No. 106 on reporting for post-retirement benefits other than…

A: In accordance with this Statement, employers must account for post-retirement benefits besides just…

Q: How should gains or losses related to pension plan assets be recognized? How does this treatment…

A:

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: Which type of retirement plans are subject to contribution limits? Select one: a. Only defined…

A: Defined contribution plans refers to the plan under which both the employee and employer contribute…

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

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.