Scott is considering leaving his job and pension at age 65 and has 26 years in the defined benefit pension plan which provides 2% per year of service based on the average best five years of income.His best average five years earnings were $61,000.

The pension plan assumes life expectancy is age 92 and the rate of return on 1.3%.

What should the commuted value of his pension be if he wanted to transfer the funds into a LIRA?