I’ve asked something similar before, but from the text I have seen: - Projected benefit obligation (PBO) is the ABO plus the present value of the additional liability from projected future employee compensation increases. - Total future liability is more comprehensive and is the PBO plus the present value of the expected increase in the benefit due current employees in the future from their service to the company between now and retirement. Question: Doesn’t PBO already include the present value of expected increase in benefit due from service until retirement?

Even I am confused in this one. It seems to me that PBO = Total future liability as PBO includes both actual and projected benefit obligations.