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Mary has been working for Paperbase Inc. and she is a member of the company's contributory, best-earnings, defined-benefit plan. Mary's pensionable earnings is $97,000 and
Mary has been working for Paperbase Inc. and she is a member of the company's contributory, best-earnings, defined-benefit plan. Mary's pensionable earnings is $97,000 and the YMPE is $62,000. Any amounts above the YMPE, Mary is allowed to contribute 8% and she can contribute 5.5% on amounts up to the YMPE. Calculate the amount that Mary contributes to the plan.
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
