What is a pension plan as used in a firm and related to employee compensation? What is the difference between a defined contribution plan and a defined benefit plan? What is accumulated benefit obligation and how is such associated with a projected benefit obligation? What is the funded status and where is it reported? How does a firm report postretirement benefits in accounting statements? What is an actuary and what is the actuaryÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s duty in this process? What are the legal considerations of such plans and what government agencies exercise control? Provide a discussion of all potential scenarios and the relevant accounting requirements
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