Pertinent Facts:

Issue of Law

Decision

Reason

Anna Feinberg began working for the Pfeiffer Company in 1972 at

age seventeen. By 2009, she had attained the position of bookkeeper,

office manager, and assistant treasurer. In appreciation for her skill,

dedication, and long years of service, the Pfeiffer board of directors

resolved to increase Feinberg's monthly salary to $4,000 and to create

for her a retirement plan. The plan allowed that Feinberg would be

given the privilege of retiring from active duty at any time she chose

and that she would receive retirement pay of $2,000 per month for

life, although the Board expressed the hope that Feinberg would

continue to serve the company for many years. Feinberg, however,

chose to retire two years later. The Pfeiffer Company paid Feinberg

her retirement pay until 2018. The company thereafter discontinued

payments