Employer journal entry for Defined Benefit Pension The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city of Stewart's Electric Utility Enterprise Fund measures its net pension liability on December 31, 2019, which is its fiscal year-end. The actuary provides the following additional information in its reporting package to the city of Stewart accounting department for its use in preparing the Electric Utility Enterprise Fund's December 31, 2019 financial statements. Fiscal Year Ending Fiscal Year Ending Actuarial Provided Account Information December 31, 2018 December 31, 2019 Net pension liability $6,100,000 $6.200.000 Deferred inflow of resources-investment gain 180,000 90,000 Deferred inflow of resources--demographic factors 210,000 180.000 Deferred outflow of resources-economic factors 400.000 350,000 The city of Stewart contributed $1,600,000 cash to the pension plan during the fiscal year ending December 31, 2019. Prep Description Debit Credit Deferred inflow of resources-investment gain Deferred inflow of resources- demographic factors OOOO Deferred outflow or resources-economic factors Cash Employer journal entry for Defined Benefit Pension The city of Stewart has a single-employer defined benefit pension plan to provide retiree pension benefits to its Electric Utility Enterprise Fund employees. The plan is administered in a trust that meets the GASB requirements. Assume that the actuary for the city of Stewart's Electric Utility Enterprise Fund measures its net pension liability on December 31, 2019, which is its fiscal year-end. The actuary provides the following additional information in its reporting package to the city of Stewart accounting department for its use in preparing the Electric Utility Enterprise Fund's December 31, 2019 financial statements. Fiscal Year Ending Fiscal Year Ending Actuarial Provided Account Information December 31, 2018 December 31, 2019 Net pension liability $6,100,000 $6.200.000 Deferred inflow of resources-investment gain 180,000 90,000 Deferred inflow of resources--demographic factors 210,000 180.000 Deferred outflow of resources-economic factors 400.000 350,000 The city of Stewart contributed $1,600,000 cash to the pension plan during the fiscal year ending December 31, 2019. Prep Description Debit Credit Deferred inflow of resources-investment gain Deferred inflow of resources- demographic factors OOOO Deferred outflow or resources-economic factors Cash
