Apart from Legal Requirements Surrounding Client Records, Keeping Current, Accurate

question 6

True/False

Apart from legal requirements surrounding client records, keeping current, accurate, and sufficient documentation offers advantages to all parties involved.

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Definitions:

Prior Service Cost Amortization

The process of allocating the cost of retroactively awarded benefits of an employee's pension plan over several years.

Projected Benefit Obligation

Projected Benefit Obligation (PBO) is a measure of the estimated total amount a pension plan needs to cover future pension benefits owed to employees, based on expected future salary increases.

Plan Assets

The resources that a pension plan has accumulated to cover future obligations to participants.