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GIVEN INFORMATION:
Company X provides a noncontributory Defined Benefit (DB) retirement plan that uses a formula of:
(0.5% * # years in the plan * final year salary)
The plan provides a 3 year cliff vesting schedule.
Minimum service requirement to participate is 3 years.
All employees will retire in 2041.
Employee
Age
Salary
Years of service
Currently in DB plan
FB
35
340,000
5
yes
DD
27
280,000
4
JS
32
110,000
AS
30
50,000
KD
28
75,000
3
BD
25
65,000
YG
60,000
MV
40,000
TB
33
35,000
MM
24
100,000
2
no
JH
59
0
JB
62
42,000
1
QUESTION:
What is the Present Value (@ a 3% discount rate) of the retirement benefits from the DB plan, assuming all employees will receive the DB pension income for exactly 15 years?
Include your spreadsheet.
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