Defined benefit pension plans resource center

Defined benefit pension plans are a cornerstone of retirement planning, offering a guaranteed payout to beneficiaries based on a variety of defined factors and benefit plan types. Pension plan accounting is essential to determine the assets and liabilities of the pension plan each year. FASB Accounting Standards Codification (ASC) 960, Plan Accounting — Defined Benefit Pension Plans, provides guidance on accounting for these plans. An actuarial report audit assesses the accuracy of an organization’s financial statements and related information.