Current service benefit

{
  "id": "MLC-T-INS-001053",
  "term": "Current service benefit",
  "field": "Insurance and risk management",
  "definition": "The value of pension or other post-employment benefits earned by an employee during the current year of service. It represents the increase in the employer's total benefit obligation attributable to the employee's work in the most recent accounting period. This amount is calculated based on the plan's formula and actuarial assumptions, and it is a component of the net periodic pension cost under accounting standards like ASC 715.",
  "url": "https://mlchart.com/terminology/insurance/current-service-benefit/"
}