Alicia has been working for JMM Corporated 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, 2022. Before retirement, her annual salary was $608,000, $657,000, and $706,000 for 2019, 2020, and 2021. What is the maximum benefit Alicia can receive in 2022?
Alicia has been working for JMM Corporated 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, 2022. Before retirement, her annual salary was $608,000, $657,000, and $706,000 for 2019, 2020, and 2021. What is the maximum benefit Alicia can receive in 2022?
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 46P
Question
Alicia has been working for JMM Corporated 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, 2022. Before retirement, her annual salary was $608,000, $657,000, and $706,000 for 2019, 2020, and 2021.
What is the maximum benefit Alicia can receive in 2022?
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