Changes in the projected benefit obligation
Response to the following problem:
The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of the year. Service cost for the year was $10 million. At the end of the year, there was no prior service cost and a negligible net loss-AOCI. The actuary's discount rate was 5%. What was the amount of the retiree benefits paid by the trustee?