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Your employer uses a career average formula to determine 5 Points retirement payments to its employees. The annual retirement payout is 3 percent of the
Your employer uses a career average formula to determine | 5 Points | ||||||||||
retirement payments to its employees. The annual retirement | |||||||||||
payout is 3 percent of the employees' career average salary | |||||||||||
times the number of years of service. Assuming you want to | |||||||||||
retire at the end of the year, calculate your annual retirement | |||||||||||
benefit using the information supplied. | |||||||||||
Year Worked | Salary | Year Worked | Salary | Year Worked | Salary | Year Worked | Salary | ||||
1981 | $6,598 | 1990 | $20,994 | 2000 | $50,856 | 2010 | $85,321 | ||||
1982 | $13,559 | 1991 | $22,446 | 2001 | $56,243 | 2011 | $90,549 | ||||
1983 | $14,349 | 1992 | $24,879 | 2002 | $60,012 | 2012 | $94,056 | ||||
1984 | $14,999 | 1993 | $21,397 | 2003 | $62,564 | 2013 | $98,546 | ||||
1985 | $16,884 | 1994 | $26,553 | 2004 | $66,457 | 2014 | $100,549 | ||||
1986 | $17,552 | 1995 | $29,547 | 2005 | $72,564 | 2015 | $99,446 | ||||
1987 | $18,667 | 1996 | $33,865 | 2006 | $76,219 | 2016 | $101,146 | ||||
1988 | $19,325 | 1997 | $35,468 | 2007 | $78,234 | ||||||
1989 | $21,886 | 1998 | $39,451 | 2008 | $82,994 | ||||||
1999 | $42,338 | 2009 | $84,567 | ||||||||
$143,819 | $296,938 | $690,710 | $669,613 |
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