Jane is considering leaving her job and pension at age 65 and has 36 years in the defined benefit pension plan which provides 2% per year of service based on the average best five years of income.Her best average five years earnings were $69,000.

The pension plan assumes life expectancy is age 92 and the rate of return on 1.4%.

What should the commuted value of her pension be if she wanted to transfer the funds into a LIRA?