Steve retired at the beginning of 2020. He worked for a company with a defined benefit plan. The plan provides for retirement benefits at a rate of 3% of the last three years'
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- Steve is planning to retire at the beginning of 2022. He works for a company with a defined benefit plan. The plan provides for retirement benefits at a rate of 2% of the last three years' average compensation for every year of service. Steve will have worked for this company for 30 years when he retires. His average salary for the last three years is $400,000. What is the maximum benefit Steve can receive from his retirement plan in the current year?You were employed by ML Co. for 20 years and retired on 30 September 2020 at the age of 57. This income year you will receive an annual pension of $20,000 from the ML Co. superannuation fund for the rest of your life. You and your spouse have private health cover. What amount of pension will be assessable? Show working and give reasons for your answer.Javier recently graduated and started his career with DNL Inc. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javier’s annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1): (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Javier works for DNL for six years and three months before he leaves for another job. Javier’s annual salary was $93,000, $103,000, $109,800, and $115,700 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule. Q: what is annual before-tax benefit ?
- Javier recently graduated and started his career with DNL Inc. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javier’s annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1): (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Q: Javier works for DNL for six years and three months before he leaves for another job. Javier’s annual salary was $93,000, $103,000, $109,800, and $115,700 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule.At the end of 2020, Elizabeth Regina retired after 19 years of participation in her employer's defined benefit pension plan. The pension plan provides a benefit based on 1.5% of her best earnings over three consecutive years. Elizabeth's earnings during the past seven years are the highest throughout her career. If Elizabeth earned $59,000 in 2014, $65,000 in 2015, $70,000 in 2016, $74,000 in 2017, $68,000 in 2018, $73,000 in 2019 and $71,000 in 2020, what will be Elizabeth's annual pension? $18430 $20140 $19855 $20435Jacob is a member of his employers defined contribution pension plan. He has pensionable earnings of $110,000 and he contributes 6% of his earnings and his employers will match his 6%. What is Jacob's pension adjustment for the year? Question 5 options: $13,200 $11,000 $6,600 $19,800 Spencer has a RRSP with a balance of $600,000. Unfortunately, Spencer experienced a severe heart attack and died. Spencer was recently divorced and she had not assigned a beneficiary to her RRSP account. She also did not have a current willWhich of the following statements about her RRSP account is correct? Question 2 options: The assets in Spencer's RRSP will be fully included in her income in the year of death The assets in Spencer's RRSP will be included at a rate of 75% in her income in the year of death The assets in Spencer's RRSP will be included at a rate of 50% in her income in the year of death The assets in the RRSP will transfer to Spencer's heirs tax free.
- Alicia has been working for JMM Corporated for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2022. Before retirement, her annual salary was $570,000, $600,000, and $630,000 for 2019, 2020, and 2021. What is the maximum benefit Alicia can receive in 2022? The answer I keep getting is $245,000 and that is the wrong answer. I am not sure what I am doing wrong. Any help would be appreciated!Use the life expectancy table below to answer this question. Greg Brady, age 57, had contributed $31,000 to his employer's pension plan at the time of his retirement on June 30, Year 1. He receives a monthly pension of $800 that started on January 1, Year 2, and will continue until he dies. The amount of his pension reportable as income in Year 2 is: Age of Annuitant on Start Date / # of Payments 55 and under / 360 / 310 / 260 / 210 / 160 56-60 61-65 66-70 71 and over $8,400 O $9,600 O $1,200 O soAlicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $588,000, $618,000, and $648,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Maximum benefit in 2020 [$] *PER MCGRAW-HILL, THE ANSWER IS NOT $370, 800*
- Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM’s defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $597,000, $627,000, and $657,000 for 2017, 2018, and 2019. Q: What is the maximum benefit Alicia can receive in 2020?Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $591,000, $621,000, and $651,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Answer is complete but not entirely correct. Maximum benefit in 2020 $ 409,860Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $645,000, $675,000, and $705,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Maximum benefit in 2020