When a pension plan commences, credit is often granted to employees for past years of service, giving rise to what is called:

Name: When a pension plan commences, credit is often granted to employees for past years of service, giving rise to what is called:
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Question

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Unfunded past service cost, unfunded benefits, and unfunded actuarial liability are all terms used to describe the obligation of a pension plan to provide benefits for past service that has not been funded.

When a Pension Plan Commences, Credit Is Often Granted to Employees