Design a defined benefit pension plan that encourages employees to retire at exactly age 57 in the absence of mandatory retirement policies. The plan formulas should align with pension plans commonly found in Canada and reward long-term employees. Illustrate the incentives in your plan design with an example employee. You should assume this employee starts planning retirement at age 50, and earns $60,000 per year. State any other assumptions built into your example. Prepare a short report, with diagrams, explaining your plan and its incentives. Submit any other files (eg. Excel file) that shows any underlying calculations involved in your example.