A corporation’s pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 4% for each year of
A corporation’s pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 4% for each year of service of the employee’s salary upon retirement. Those who retire before 65 have their benefit reduced by 1.4% for each year before 65 that they retire. Russ retires at age 60 with 26 years of service. If his salary upon retirement is $50,732, what is his annual pension benefit? Round your answer to the nearest dollar.
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