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GAAP
Widely recognized accounting norms and guidelines that are practiced within the United States.
Projected Benefit Obligation
An actuarial measurement of the present value of the pension benefits earned by employees, accounting for expected future salary increases.
GAAP
A compilation of standard accounting practices and rules universally applied for financial disclosures.
Defined Benefit Pension Plan
A retirement plan where the employer guarantees a specified pension payment at retirement based on the employee's earnings history, tenure of service, and age.
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