In a defined contribution plan: The salary scale is s_y = 1.04^y, where y is an integer and the scale steps up at each age An employee joins the plan at exact age 35 Normal retirement is at age 65 The employer contributes 15% of salary annually at the end of the year, based on the salary rate for that year. Fund earns interest at i = 6%. a^(12)_65 = 13.5 As an alternative, the employer can offer a defined benefit final salary plan with pensions paid monthly in advance. Final average salary is the average salary in the three years before retirement. Determine the accrual rate with equates the benefits under the defined benefit plan to the benefits under the defined contribution plan. For a defined benefit pension plan, you are given: The retirement benefit is 25 per month for each year of service. In a defined contribution plan: The salary scale is s_y = 1.04^y, where y is an integer and the scale steps up at each age An employee joins the plan at exact age 35 Normal retirement is at age 65 The employer contributes 15% of salary annually at the end of the year, based on the salary rate for that year. Fund earns interest at i = 6%. a^(12)_65 = 13.5 As an alternative, the employer can offer a defined benefit final salary plan with pensions paid monthly in advance. Final average salary is the average salary in the three years before retirement. Determine the accrual rate with equates the benefits under the defined benefit plan to the benefits under the defined contribution plan. For a defined benefit pension plan, you are given: The retirement benefit is 25 per month for each year of service