Examlex
How people process information and use it to explain the behavior of others is explained by
Prior Service Cost
A pension expense that arises when a company grants retroactive benefits to employees, recognized over the service period of the employees.
Pension Expense
The cost recognized by an employer for maintaining a defined benefit pension plan for its employees, encompassing various components such as service cost and interest cost.
Actuarially Determined
Calculations made based on actuarial methods and assumptions, often used in determining pension liabilities and insurance premiums.
Pension Benefit Obligation
The reported estimate of the total amount due to employees in relation to pension benefits as per the terms of the pension plan.
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