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 $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*

Prince Distribution Incorporated has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2024, Jim Lukawitz is 31. He was hired by Prince at age 25 (6 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of 2024 is $50,000 and $54,000 at the end of 2025. Calculate the accumulated postretirement benefit obligation at the end of 2024 and 2025 and the service cost for 2024 and 2025, as pertaining to Lukawitz. Note: Enter your answers in whole dollar amount. Round your final answers to the nearest whole dollar.             APBO        Service 2024  ____         _____ 2025  ____         _____

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Three employees of the Horizon Distributing Company will receive annual pension payments from the company when they retire. The employees will receive their annual payments for as long as they live. Life expectancy for each employee is 14 years beyond retirement. Their names, the amount of their annual pension payments, and the date they will receive their first payment are shown below: Employee Tinkers Evers Annual Payment $ 27,000 Date of First Payment 12/31/2027 32,000 37,000 12/31/2028 12/31/2029 Chance Required: 1. Compute the present value of the pension obligation to these three employees as of December 31, 2024. Assume an 11% interest rate. 2. The company wants to have enough cash invested at December 31, 2027, to provide for all three employees. To accumulate enough cash, they will make three equal annual contributions to a fund that will earn 11% interest compounded annually. The first contribution will be made on December 31, 2024. Compute the amount of this required annual…

Vizsla Services offers its employee a defined benefit pension plan. This plan pays the employee 2% of the employee's salary for each year of service, with a maximum of 30 years. The employee is projected to have a final salary of $520,000. The employee has worked for Vizsla Services for 8 year and is expected to work for the company for another 17 years. The employee is expected to live for 28 years after retiring. Vizsla Services uses a 4% interest rate for all calculations for its post-retirement benefits and all calculations are ordinary annuities. What is gross PBO for the current year?

Janice earns $85,000 working as an administrative assistant in a public company based in New York. The company provides a matching contribution in the 401(k) plan of 50% up to a maximum contribution of 4% of compensation. Her 401(k) plan account had $20,000 in it at the beginning of the year. She contributed $5,000 to the plan this year and the employer made the matching contribution before year end. The ending balance of the account is $30,000. What is her return on her investments this year for the 401(k) account? A. 8.8%. B. 9.9%. C. 12.5%. D. 25%.

Sheridan Ltd. initiated a one-person pension plan in January 2015 that promises the employee a pension on retirement according to the following formula: pension benefit = 2.6% of final salary per year of service after the plan initiation. The employee began employment with Sheridan early in 2015 at age 33 and expects to retire at the end of 2041, the year in which he turns 60. His life expectancy at that time is 21 years. Assume that this employee earned an annual salary of $49,000 when he joined Sheridan, that his salary was expected to increase at a rate of 4% per year, and that this remains a reasonable assumption to date. Sheridan considers a discount rate of 8% to be appropriate. (a) × Your answer is incorrect. What is the employee's expected final salary? (Round your answer to O decimal places, e.g. 5,275.) Expected final salary $ 108442

Ivanhoe, Inc. has a defined-benefit pension plan covering its 50 employees. Ivanhoe agrees to amend its pension benefits. As a result, the projected benefit obligation increased by $2790000. Ivanhoe determined that all its employees are expected to receive benefits under the plan over the next 5 years. In addition, 10 employees are expected to retire or quit each year. Assuming that Ivanhoe uses the years-of-service method of amortization for prior service cost, the amount reported as amortization of prior service cost in year one after the amendment is $558000. O $651000. $930000. O $186000.

Classified Electronics has an unfunded retiree health care plan. Each of the company's three employees has been with the firm since its inception at the beginning of 2020. As of the end of 2021, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $66,000. Each of the employees will become full eligible for benefits after 20 more years of service but aren't expected to retire for 35 more years. The interest rate is 4%. Required: 1. What is the expected postretirement benefit obligation at the end of 2021? 2. what is the accumulated postretirement benefit obligation at the end of 2021? 3. what is the expected postretirement benefit obligation at the end of 2022? 4. What is the accumulated postretirement benefit obligation at the end of 2022?  1. Expected postretirement benefit obligation 2021           _______  2. Accumulated postretirement benefit obligation 2021      _______  3. Expected…

Rachel Company has established a defined benefit pension plan for its employees. Annual payments under the pension plan are equal to 3% of an employee’s highest lifetime salary multiplied by the number of years with the entity. An employee’s salary in 2021 was P300,000. The employee is expected to retire in 10 years and the salary increases are expected to average 4% per year during that period. On December 31, 2021, the employee has worked for 12 years. The appropriate discount rate is 10% and the employee is expected to live for 5 years after retirement.   a. What is the amount of annual pension payment to be used in computing the employee’s projected benefit obligation on December 31, 2021? b. What is the projected benefit obligation on December 31, 2021? c. What is the current service cost for 2022?