Calculate the maximum retirement benefit that a plan can provide in the current year for a defined benefit plan given the highest 3 years salaries for Edward. Ed willl have more than 10 years of service with the same employer at retirement. He is 45 years old and expects raises to average $8,000 per year until retirement.
Highest Salaries
Year1 $90,000
Year2 $100,000
Year3 $110,000
a) $90,000
b) $100,000
c) $108,000
d) $110,000