Your uncle works for a firm that offers a 4-year final-avera…
Your uncle works for a firm that offers a 4-year final-average salary pension plan. The firm provides a stated benefit of 2%. He has 30 years of service at the normal retirement age (67). His salary in the last years of employment is given below. Calculate the annual benefit that your uncle is entitled to at retirement. Age Salary earned during the year 62 – 63 $50,000 63 – 64 $51,000 64 – 65 $52,000 65 – 66 $53,000 66 – 67 $54,000