There are several factors that are to be taken into consideration while calculating accumulated benefit obligation. Such pension plans are known as long-term liability and are recorded on a company’s liability side balance sheet. The estimation of accumulated benefit obligation takes into consideration the employee’s current status. Whether, a plan is underfunded or overfunded depends on two factors. These two components include the discount rate and the long-term rate of return. When the discount rate decreases, then the amount underfunded will increase. Whereas, when the rate of return on assets is increased, then an underfunded amount will decrease.
Accumulated Benefit Obligation â€“ Example
A financial statement noted the ABO, PBO, and VBO of the fiscal year 2019 of ABC limited company. For example, the accumulated benefit obligation for domestic pension plans was $66.8 million. It suggests that ABC limited company had to pay its employees a pension amount of $66.8 million. The current value of the pension plan was $55.8 million.
Having a liability amount of $66.8 million, ABC limited company realized that this liability was higher than the current pension plan’s assets of $55.8 million. It suggests that the pension plan was underfunded by $11 million. Now, this amount ($11 million), is to be recorded under the head Accrued retiree benefits and other long-term liabilities on the liability side of the balance sheet of ABC limited company.
As defined above, the accumulated benefit obligation is used to calculate the company’s employees’ money. Accumulated benefit obligation is the measurement of an approximate value of a company’s liability under its pension that needs to be paid to the retired employees. This type of liability of a company is based on the assumption that this obligation will be immediately terminated. Accumulated benefit obligation never takes into consideration any increase in future salary. The accumulated benefit obligation is different from the projected benefit obligation, which is also one of the pension plans.
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