A corporation's pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.2% for each yearbefore 65 that they retire.

Russretires at age60 with26 years of service. Ifhis salary upon retirement is $53349, what ishis annual pension benefit?