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Consider the following: I. Present value of vested benefits at present pay levels. II. Present value of nonvested benefits at present pay levels. III. Present

Consider the following:

I. Present value of vested benefits at present pay levels.
II. Present value of nonvested benefits at present pay levels.
III. Present value of additional benefits related to projected pay increases.

Which of the above constitutes the vested benefit obligation?

Multiple Choice

II.
I, II, III.
I only.
I & II.

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