Markel Company has a defined benefit pension plan for its only employce, Bob Slockum. Annual payments under the pension plan are equal to 4% of Bob's highest lifetime salary multiplied by the number of years with the company. Bob's salary in 2016 was $95,000. Bob is expected to retire in 25 years, and his salary increases are expected to average 3% per year during that period. As of the beginning of 2017, Bob had worked for Markel Company for 7 years. Markel uses a discount rate of 10%. Bob's life expectancy is 8 years after retirement. The company has contributed to a pension fund which currently totals $100,000 1. Using ABO (Accumulated Benefit Obligation), calculate the pension-related liability or asset. SHOW ALL WORK! 2. Using PBO (Projected Benefit Obligation), calculate the pension-related liability or asset. SHOW ALL WORK! Type here to search Markel Company has a defined benefit pension plan for its only employce, Bob Slockum. Annual payments under the pension plan are equal to 4% of Bob's highest lifetime salary multiplied by the number of years with the company. Bob's salary in 2016 was $95,000. Bob is expected to retire in 25 years, and his salary increases are expected to average 3% per year during that period. As of the beginning of 2017, Bob had worked for Markel Company for 7 years. Markel uses a discount rate of 10%. Bob's life expectancy is 8 years after retirement. The company has contributed to a pension fund which currently totals $100,000 1. Using ABO (Accumulated Benefit Obligation), calculate the pension-related liability or asset. SHOW ALL WORK! 2. Using PBO (Projected Benefit Obligation), calculate the pension-related liability or asset. SHOW ALL WORK! Type here to search