Simone participates in ABC Inc's defined benefit pension plan, which she joined 8 years ago. The...
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Simone participates in ABC Inc's defined benefit pension plan, which she joined 8 years ago. The plan provides benefits of 2% for each year of service, based on the member's best 3 consecutive years of pensionable earnings. Simone's best three consecutive years of earnings were the most recent three, with annual pensionable earnings of $43,000, $48,000, and $51,000. If Simone has eight years of service, calculate the amount of her annual pension benefit accrued to date. Simone participates in ABC Inc's defined benefit pension plan, which she joined 8 years ago. The plan provides benefits of 2% for each year of service, based on the member's best 3 consecutive years of pensionable earnings. Simone's best three consecutive years of earnings were the most recent three, with annual pensionable earnings of $43,000, $48,000, and $51,000. If Simone has eight years of service, calculate the amount of her annual pension benefit accrued to date.
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Simones annual pension benefit accrual rate is 2 per year of service based on her best 3 ... View the full answer
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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