Jill Cummings is retiring this year. She has worked for Allied Enterprises for 25 years. Her last 5 years of salary are $55,000, $56,000, $58,000, $60,000 and $61,000. Her average earnings over her career with Allied are $42,000.

Compute Jills retirement income from Allied under the following situations. Consider each situation independent: 1. Allied provides retirees $600 per month per life 2. Allied provides retirees with 15 years or more years of service 50% of average annual pay 3. Allied provides retirees with 1.6% of earnings for each year of service using a. Career average earnings b. Final average earnings 4. Name each defined benefit plan formula used