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:

Steam

Water vapor generated by boiling water, used for heating, propulsion, and sterilization among other applications.

Leathery Tissue

This term may refer to tissue that has become tough and resilient, similar to leather, often due to exposure, aging, or certain conditions but is not a standard scientific term.

Thrombosed Vessels

Blood vessels that have become blocked by a thrombus (blood clot), potentially leading to various circulatory problems.