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The XYZ corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 2% for each year
The XYZ corporation pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 2% for each year of service of the employee's salary upon retirement. Moreover, those retiring after 65 have their benefit increased by 1.8% for each year beyond 65 that they work.
Caitlin retires at age 69 with 18 years of service. If her salary upon retirement is $60,733, what is her annual pension benefit?
Round your answer to the nearest dollar.
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