1. A defined contribution plan XYZ adopts a uniform point allocation formula. Assume : 1) plan XYZ grants each employee 100 point for each year of participation. 2) for the 2013 plan year, the plan’s total allocations are $142,000. 3) the total points for all employees are 7100. 4) In 2013 Tom’s total number of years of participation is 15 years. Based on the above conditions , please answer the following two questions. What are the point for Tom in year 2013?
A) 150
B) 1500
c) 712
d) 100
2. How much allocation is credited to Tom’s account?
$15,000
$30,000
$2,000
$14,200
3. Tom’s employer sponsors a defined benefit plan, integrating with social insurance benefit based on excess approach. Upon retirement, tom. who will have 36 years of service at the time , will entitled to an annual retirement benefit equal to 30% of his final average annual compensation average annual compensation is expected to be $70,000. Based on the above information, please answer the following three questions. What is the integration level?
a) $70,000
b) $21,000
c) $ 35,000
d) $18,000
4. What is the base- benefit percentage ?
a) 30%
b) 50%
c) 0.75
d) None of the above
5. What is excess- benefit percentage ?
A) 20%
b) 50%
c) 30%
d) 0.75%