Question
Calculate the pension adjustment for each employee, assuming that they worked and were a member of the pension plan for the full calendar year. a)
Calculate the pension adjustment for each employee, assuming that they worked and were a member of the pension plan for the full calendar year. a) Francine Howell belongs to a defined contribution pension plan where the employee contributes 2% and the employer contributes 50% of the employee contributions. Francines pensionable earnings are $63,000.00. b) Genny Fowler is a member of a defined benefit pension plan that has a flat monthly benefit of $23.00. c) Laurence Lamont is a member of a defined benefit pension plan that has a pension benefit of 2% of his career average earnings. His pensionable earnings are $73,500.00. d) Joshua Anthony is a member of a defined benefit pension plan with the following formula: 2% of the average best 5 years of earning up to the 3 year average of the YMPE plus 4% of average best 5 years of earnings that are above the 3 year average of the YMPE Joshuas earnings were $52,523.00; the YMPE is $51,100.00.
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