HRMG 3400 LTD Lab Activity_ Vocabulary: Qualifying period, aka elimination period, aka waiting period Own Occupation – Typically 24 months Any Occupation – after 24 months All Source Maximum Income Waiver of Premium Benefit Schedule - % of pre-disability earnings Benefit Volume - $ Rate: $/ $100 Calculation of premiums: Premiums are calculated based on a rate per $100 of benefit. Benefits are set out in a Benefit Schedule Example: Premium rate: $1.20 per $100 of benefit volume. (Use annual salary to calculate annual premium, or monthly salary to calculate monthly premium Benefit schedule: 70% of earnings, to a maximum benefit of $5000/ month Your employee earns: $40,000 What is the "benefit volume"? What is the monthly premium?

HRMG 3400 LTD Lab Activity_ Vocabulary: Qualifying period, aka elimination period, aka waiting period Own Occupation – Typically 24 months Any Occupation – after 24 months All Source Maximum Income Waiver of Premium Benefit Schedule - % of pre-disability earnings Benefit Volume - $ Rate: $/ $100 Calculation of premiums: Premiums are calculated based on a rate per $100 of benefit. Benefits are set out in a Benefit Schedule Example: Premium rate: $1.20 per $100 of benefit volume. (Use annual salary to calculate annual premium, or monthly salary to calculate monthly premium Benefit schedule: 70% of earnings, to a maximum benefit of $5000/ month Your employee earns: $40,000 What is the "benefit volume"? What is the monthly premium?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Case 2 Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020: Plant Assets Rp’ puluh juta Balance at January 01, 2020 600 Expected return on plan assets 61 Contribution received 49 Benefits paid -40 Actuarial gain (balancing figure) 15 685 Plant Liabilities: Balance at January 01, 2020 640 Interest cost 52 Current Service Cost 21 Benefit paid -40 Actuarial gain (loss) (balancing figure) 42 715 Calculate: (i) Pension expense to be recognised in profit or loss for…
On January 1, 2018, Medical Transport Company’s accumulated postretirement benefit obligation was $25 million. At the end of 2018, retiree benefits paid were $3 million. Service cost for 2018 is $7 million. Assumptionsregarding the trend of future health care costs were revised at the end of 2018, causing the actuary to revisedownward the estimate of the APBO by $1 million. The actuary’s discount rate is 8%. Determine the amount ofthe accumulated postretirement benefit obligation at December 31, 2018.
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The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered 2 Years employed as of January 1, 2021 2 (each) Attribution period 25 years Expected postretirement benefit obligation, Jan. 1 $67,000 Expected postretirement benefit obligation, Dec. 31 $70,350 Interest rate 5% Funding none Required: 1-3 What is the accumulated postretirement benefit obligation at the beginning of 2021? what is…
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