Question
The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year
The ABC corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 3% for each year of service of the average of the employee's earnings for their last 2 years on the job.
Mark retires at age 65 with 19 years of service. His earnings for his last 2 years were $55,913 and $56,311. What is his annual pension benefit?
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Financial Management Core Concepts
Authors: Ray Brooks, Raymond Brooks
1st Edition
0321155173, 9780321155177
