Brown’s Year 2 net pension plan cost is- $239,000
Pension Cost = Service Cost + Interest Cost + Prior Service Cost + Prior Loss - Actual Return
= $105,000 + $190,000 + $122,000 + $37,000 - $215,000
= $239,000.
A retirement plan is an employee benefit plan established or maintained by an employer and/or an employee organization.
A pension plan is a type of retirement plan that provides monthly income after retirement. Employers are obliged to contribute to the pool of funds invested for the benefit of their employees. As an employee, you can also pay part of your wages to the plan. Not all companies offer these plans.
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