Dean has earned $70,250 annually for the past six years working as an architect for WCC...
Dean has earned $70,250 annually for the past six years working as an architect for WCC Inc. Under WCC's defined benefit plan (which uses a 7-year graded vesting schedule) employees earn a benefit equal to 4.0% of the average of their three highest annual salaries for every full year of service with WCC. Dean has worked for six full years for WCC and his vesting percentage is 80%. What is Dean's vested benefit (or annual retirement benefit he has earned so far)?
Multiple Choice
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$16,860.
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$56,200.
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$13,488.
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$0.
Homework Answers
Vested Benefit = Average Salary x Annual Benefit x No of year x
Vesting Percentage
= $70250 x 4% x 6 x 80% = $13488
Answer is (c) $13488
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