An impaired annuity is designed to: provide the annuitant with a higher amount of income than a regular annuity provide the annuitant with a lower amount of income than a regular annuity recognition of lifestyle ailments such as heavy smoking or drinking recognize the annuitant's lengthened life expectancy Question 2 (1 point) Saved Listen Millie belongs to a defined benefit pension plan in which she accrues a $750 flat benefit for each year of service. Millie's annual earnings for each of the past three years are $47,000, $48,000 and $49,000. If Millie has 30 years of service, calculate her annual pension benefit accrued to date? $750 $22,500 $28,800 $29,400 Marty joined his employers defined contribution plan 26 years ago, and is now reaching the plan sponsors normal retirement age. He has accumulated pension assets of $230,070 and is considering purchasing a life annuity with monthly payments beginning at the end of each month. Assuming a nominal return rate of 4.2%, compounded quarterly, and life expectancy of 25 years, what monthly income will he receive from the current pension assets? $1,252 $1,238 $1,832 $2,100 Question 5 (1 point) Listen Gerald participates in his employer's defined contribution pension plan that requires the employer and employee to each make contributions of 7% of pensionable earnings, up to the maximum dollar amount permitted. If Gerald's pensionable earnings were $90,000 in 2020, calculate the total pension contributions for 2020. $6,300 $12,600 $14,000 $14,630