Seth worked for the Bozeman Corporation for 32 years. Seth ended his career as the Chief Financial Officer for the Bozeman Corporation. His employer provided a defined benefit plan, which will pay him 2% of the average of his three highest years of compensation for each year of service. Seth is retiring on December 31, 2020. Calculate the maximum amount of retirement that the plan is allowed to pay Seth each year in his retirement, based on IRS limits for 2020. Seth's highest three years: $350,000 in 2018 $365,000 in 2019 $400,000 in 2020