Question: 16. Pendulum Enterprises has a defined benefit plan. Employees receive a pension equal to 2% of the average of the highest 5 years of salary

16.

Pendulum Enterprises has a defined benefit plan. Employees receive a pension equal to 2% of the average of the highest 5 years of salary and based on years of service. On December 31 2020, the fair value of the pension assets in the plan is $10.7 M, although pension contributions were in excess of $12.5 M, and the estimated pension obligation is $12.3M.

By how much is the plan over or underfunded? (place answer without $ sign in the space below in millions of dollars at up to 2 decimal places)

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