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The Farrington Company started a defined benefit pension plan on January 1, 20X1. The plan requires no contribution from the employee and offers immediate full

The Farrington Company started a defined benefit pension plan on January 1, 20X1. The plan requires no contribution from the employee and offers immediate full vesting. Employees are given credit for up to 8 years of service prior to the initiation of the plan. Retirement benefits are equal to 3% of the average of the last 4 years of an employee

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