Mary's employer has a defined benefits retirement plan, which pay 3.2% of her last year's salary...
Mary's employer has a defined benefits retirement plan, which pay 3.2% of her last year's salary for each year of employment. Mary estimates her final salary will be $96,000, and she will have worked for 28 years. What's her expected retirement benefits?
Homework Answers
In a defined benefit retirement plan, as the name suggests, employers make a definite amount as payment when employee retires.
In this case, Mary will get 3.2% of her last year's salary, which is $96,000 * 3.2% = $3,072. Now, employee rule is that she will be paid for each year of salary i.e. 28 years, therefore her expected retirement benefit - No of year * $3,072
= 28 * $3072 = $86,016
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Sachs Brands' defined benefit pension plan specifies annual
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by Sachs at the beginning of 2004 and is expected to retire at the
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56 Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service...
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Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $81,000 at the end of 2018 and the company's actuary projects her salary to be $235,000...
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