Joan Recently Started Her Career with PDEK Accounting, LLP Which

question 6

Essay

Joan recently started her career with PDEK Accounting, LLP which provides a defined benefit plan for all employees. Employees receive 1.5 percent of the average of their three highest annual salaries for each full year of service. Plan benefits vest under a 5-year cliff schedule. Joan worked 4½ years at PDEK before leaving for another opportunity. She received an annual salary of $49,000, $52,000, $58,000 and $65,000 for years one through four, respectively. Joan earned $35,000 of her $70,000 annual salary in year five. What is the vested benefit Joan is entitled to receive from PDEK for her retirement?

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Definitions:

Friendship

A close and mutual relationship between two people characterized by trust, affection, and support.

Hatfield and Berscheid

Two prominent researchers known for their work in the field of social psychology, particularly regarding the theory of love and interpersonal attraction.

Companionate

A form of love characterized by deep affection, friendship, and emotional intimacy, often found in long-term relationships.

Relationship

A connection, association, or involvement between people, which can be emotional, social, or professional in nature.