Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Olivia Zara is a member of a defined benefit integrated pension plan with the following formula: 2%of the average best 5 years of earnings up
Olivia Zara is a member of a defined benefit integrated pension plan with the following formula:
- 2%of the average best 5 years of earnings up to the 3 year average of the year's maximum pensionable earnings (YMPE) plus
- 3.5%of the average best 5 years of earnings that are above the 3 year average of the YMPE
Olivia's earnings were$77,627.00; the YMPE is$61,600.00.
Calculate the pension adjustment for Olivia, assuming that she worked and was a member of the pension plan for the full calendar year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started