The following information is related to the defined benefit pension plan of Stanley-Morgan Industries for the year 2021:             Service cost $ 62,000     Contributions to pension plan   114,000     Benefits paid to retirees   151,000     Plan assets (fair value), January 1   649,000     Plan assets (fair value), December 31   766,000     Actual return on plan assets   154,000     PBO, January 1   945,000     PBO, December 31   950,500     Discount rate   10 %   Long-term expected return on plan assets   9 %

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.