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:

Private Company

A business owned by private individuals or corporations with restrictions on the transfer of shares and not publicly traded.

Privacy And Data Practices

Policies and procedures that govern the collection, use, and protection of personal information.

First Amendment

A provision in the United States Constitution that prohibits the government from interfering with freedom of religion, speech, assembly, and the press.

Right To Be Forgotten

The right to have personal information deleted or removed from certain public records or databases, specifically on the internet.