The projected benefit obligation is the actuarial present value of the benefits attributed to employ- ee service rendered to date

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The projected benefit obligation is the actuarial present value of the benefits attributed to employ- ee service rendered to date. The projected benefit obligation is based on the present value of ves- ted and nonvested benefits accrued to date using employees' future salary levels. Identify arguments that can be advanced for and against the use of the projected benefit obliga- tion concept in accounting for pensions.