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Case Study #2

Data:

Greg is fifty years old and has been working for ten years with a company that has a defined benefit plan. The formula is the five highest annual salaries within the last ten years multiplied by a company-determined factor of 1.5%, times years in service (to a maximum of thirty-three). Assume that Greg stays with the company until his retirement at age sixty-five and his highest five years’ annual salaries average $60,000.

Calculations:

A. How much can Greg expect to receive annually at retirement?

B. What is the percent of his final five-year average salary?

 



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