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Jesse, who is age 45, is having a few leadership issues and must resign from his current position as CEO. He worked for A-Send, which
Jesse, who is age 45, is having a few leadership issues and must resign from his current position as CEO. He worked for A-Send, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and neither plan is top heavy. He has a balance of $80,000 in the cash balance plan, has deferred $40,000 into the 401(k) plan and has employer matching contributions of $20,000. If he has been employed for two and a half years, but only participated in the plans for the last two years, how much does he keep if he resigns and terminates his employment today? a. $44,000. b. $60,000. c. $124,000. d. $140,000.
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