Question

A corporation’s pension plan provides a lifetime annual income to its employees upon retirement at age 65. The

plan provides 3% for each year of service of the employee’s salary upon retirement. Those who retire before 65 have their benefit reduced by 1.2% for each year before 65 that they retire. 

Russ retires at age 60 with 26 years of service. If his salary upon retirement is $53349, what is his annual pension benefit?

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