retirement plans

[logistic_guy]

Interglobal Consolidated Useful Products Corporation has a defined benefit pension plan for its workers. On retirement at age \(\displaystyle 65\), the plan provides \(\displaystyle 1.75\%\) of the \(\displaystyle 3\)-year final average salary for each year of service, up to a maximum of \(\displaystyle 60\%\). This exercises is based on this DB plan.

Calculate the pension benefit that would be paid for the following years of service and last \(\displaystyle 3\) years’ salaries.
\(\displaystyle \bold{a.} \ 20\) years; \(\displaystyle \$ 42,045; \$ 43,188; \$ 45,657\)
\(\displaystyle \bold{b.} \ 30\) years; \(\displaystyle \$ 42,045; \$ 43,188; \$ 45,657\)

 

[khansaheb]

Interglobal Consolidated Useful Products Corporation has a defined benefit pension plan for its workers. On retirement at age \(\displaystyle 65\), the plan provides \(\displaystyle 1.75\%\) of the \(\displaystyle 3\)-year final average salary for each year of service, up to a maximum of \(\displaystyle 60\%\). This exercises is based on this DB plan.

Calculate the pension benefit that would be paid for the following years of service and last \(\displaystyle 3\) years’ salaries.
\(\displaystyle \bold{a.} \ 20\) years; \(\displaystyle \$ 42,045; \$ 43,188; \$ 45,657\)
\(\displaystyle \bold{b.} \ 30\) years; \(\displaystyle \$ 42,045; \$ 43,188; \$ 45,657\)

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