@Incoming91
Make flashcards for all the formulas and it will drastically improve your scores on pensions. A lot of times they give you a piece of the formula and you just have to plug it. For example: if they are asking you for the actual return on plan assets, it's a plug because they usually give you the other pieces you need to solve.
Beg FV of plan assets
+Contributions
+Actual Return <– plug
(Benefits paid)
= Ending FV of plan assets
Same thing with periodic pension expense (“SIR AGE”)
Current service cost
(Return on plan assets) <–calculated above
Amortization of prior service cost <– calculated below
(Gains) & Losses
Amortization of existing net obligation
=Net periodic pension cost
Beg unrecognized prior service cost / Average remaining life = Amortization of prior service cost
The corridor approach, PBO, etc. etc… SOME are connected in one way or another (not all). Getting the basic formulas down will not only save you time, but it will hopefully improve your understanding as to how to get to an answer given different pieces.
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