II. Data Plan effective date: January 1, 1997 Normal retirement benefit: $50 per month for each year of service All employees were hired at age 25. .There is one person age 65 who is about to retire, but whose pension has not commenced nor has it been purchased as of January 1, 2007. Plan assets on January 1, 1997:0 Plan assets on January 1, 2007: $500,000 Census data on January 1, 2007 and commutation functions: Age x 25 35 45 55 65 Number of Participants 3 4 6 3 1 Dy N-N 16 250 8 100 4 40 2 10 1 0 =10, Valuation Interest Rate = 6%. Questions (show all work) 1. Calculate the normal cost and unfunded liability as at January 1, 2007, for each of the following methods: a. accrued benefit cost method b. entry age normal cost method