Henry Has Been Working for Cars Corp

question 14

Essay

Henry has been working for Cars Corp. for 40 years and 4 months. Cars Corp. provides a defined benefit plan for its employees. Under the plan, employees receive 2 percent of the average of their three highest annual salaries for each full year of service. Cars Corp. uses a five year cliff vesting schedule. Henry retired on January 1, 2018 Henry received annual salaries of $520,000, $540,000, and $560,000 for 2015, 2016, and 2017, respectively. What is the maximum benefit Henry can receive under the plan in 2018?

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Definitions:

Cultural Imperialism

The practice of promoting and imposing a culture, usually that of a more powerful nation, over a less powerful society.

Racism

Bias, injustice, or hostility toward individuals of a distinct race, stemming from the conviction that one's own race surpasses others.

Employment Ads

Advertisements placed by employers or recruiters seeking to fill job vacancies, typically outlining the job description, requirements, and application process.

Institutional Racism

Discriminatory practices, policies, and norms existing within and perpetuated by societal institutions, disadvantaging certain racial groups.