Haley has an annual salary of $1,000,000 in 2019, 2020, and 2021. She is thinking about retiring at the beginning of 2022 after working for XYZ Corp. and participating in XYZ Corp.’s defined benefit plan. If  XYZ Corp.’s defined benefit plan pays employees 3 percent for every year of service for the average of their three highest years of compensation, what is the minimum number of years of service that would maximize Haley’s benefit if she were to retire at the beginning of 2022? Assuming she worked the minimum number of years to receive the maximum benefit, what would her annual defined benefit plan payment be in retirement?

Oscar is looking forward to retirement in a few years when he will have completed 20 years of pensionable service. Oscar's pension plan provides an annual pension benefit of 1.5% of average career earnings for each year of pensionable service. Using information from Oscar's pension statements, he estimates his career average annual earnings will be $50,000 when he retires with 20 years of service. Given these assumptions, calculate Oscar's annual pension benefit that he can expect to receive when he retires. $7,500 $10,000 $15,000 $20,000

RD.16. I cannot figure out what the minimum years of service would be.. thanks!.

Reese is comparing retirement plans with prospective employers. ABC, Inc., offering a salary of $58,000, will match 75 percent of his contributions up to 10 percent of his salary, his maximum contribution. XYZ company will match 100 percent of this contribution up to 6 percent of salary, but he can contribute up to 15 percent of his income. XYZ Company is offering a $54,000 salary. If Reese assumes that he will contribute the maximum amount allowed and keep these first-year retirement funds invested for 30 years with a 9 percent return, how much would each account be worth? ABC Total Contribution Choose... ABC Future Value of Contribution Choose... + XYZ Total Contribution XYZ Future Value of Contribution Choose... Choose... #

Jerome and Laurie are signing the real estate papers tomorrow on the purchase of their first home. They both have Registered Retirement Saving Plans (RRSPS) at CIBC and are looking to use the Home Buyer's Plan (HBP) to make their down payment. As of today, December 17, 2021, the market value of Jerome's RRSP is at $23,765 while Laurie's is at $35,521. What is the maximum amount they can currently withdraw from their respective RRSPS with CIBC for their total down payment on a house under the HBP? Home Buyer's Plan (HBP) Withdraw up to $35,000 per borrower and up to $70,000 per couple. 15 years to pay back the amount withdrawn A $35,000 В $58,765 $70,000 $50,000 E $59,286

I need help with this probelm. Thank you

You have been hired as a benefit consultant by Jean Honore, the owner of Sweet Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $49,990; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37.190; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $20,900;…

Matthew is considering several possible compensation alternatives for services he has provided as a consultant:     Option A:  Matthew could receive $8,000 today. Option B:  Matthew could receive $2,500 at the end of each of the next four years. Option C:  Matthew could receive $12,000 five years from now.    Required:    Calculate the present value for each option assuming that Matthew can earn 7 percent on any investment funds. Which option results in the greatest financial benefit to Matthew? If Matthew earns 10 percent, will that change your answer to # 2 above?  Please explain.

You have been hired as a benefit consultant by Jean Honore, the owner of Pina Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following information. The retirement plan is to be based upon annual salary for the last year before retirement and is to provide 50% of Jean's last-year annual salary and 40% of the last-year annual salary for each employee. The plan will make annual payments at the beginning of each year for 20 years from the date of retirement. Jean wishes to fund the plan by making 15 annual deposits beginning January 1, 2025. Invested funds will earn 11% compounded annually. Information about plan participants as of January 1, 2025, is as follows. Jean Honore, owner: Current annual salary of $51,900; estimated retirement date January 1, 2050. Colin Davis, flower arranger: Current annual salary of $37,230; estimated retirement date January 1, 2055. Anita Baker, sales clerk: Current annual salary of $19,700;…

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' average compensation for every year of service. Steve had worked for this company for 30 years when he retired. His average salary for the last three years was $700,000. The maximum benefit Steve can receive from his retirement plan in 2020 is $ _____. (Enter your answer as a number.)