$1.$ Describe the difference between defined benefit and defined contribution pension plans.

$2.$ Describe the components of pension cost and the nature of each component.

o$$ Components include service cost, interest cost, return on plan assets, prior service cost, and amortization of gains and losses.

$3.$ Describe three characteristics that make accounting for other postretirement benefits more difficult than accounting for pensions.

$4.$ Analyze the impact of pensions on the company's financial statements $($the income statement, the balance sheet, and the cash flow statement$)$ and on financial statement users.

$5.$ Describe three ways AI has transformed pension administration and its effect on the accounting profession.