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 will have more than 10 years 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
Year 1 90,000
Year 2 100,000
Year 3 110,000
a) 90,000
b) 100,000
c) 108,000
d) 110,000