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The funded status of Hyatt Inc.'s defined benefit pension plan and the balances in prior service cost and the net gainpensions, are given below. 2013
The funded status of Hyatt Inc.'s defined benefit pension plan and the balances in prior service cost and the net gainpensions, are given below.
2013 | 2013 | |
Beg Balance | End Balance | |
PBO | 2,300,000 | 2,501,000 |
Plan Assets | 2,400,000 | 2,591,000 |
Funded Status | 100,000 | 90,000 |
AOCI- Prior Service Cost | 325,000 | 300,000 |
AOCI- Net Gain | 340,000 | 300,000 |
Retirees were paid $270,000 and the employer contribution to the pension fund was $245,000 at the end of 2013. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is pension expense for 2013?
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