Past Service Liability


Definition of "Past service liability"

Kaya Wittenburg real estate agent
Kaya Wittenburg, Real Estate Agent Sky Five Properties

Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is established at XYZ Co. in 1985. Because John Smith started at the firm in 1975, he would have a past service credit for his 10 years of service before the plan started. For funding purposes, annual contribu

 

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