Determine the maximum annual benefis payable to a participant from a defined benefit plan in the following independent situation
s:a. Frank, age 66, has been a partiipant for 17 years, and his highest average compensation for 3 years is $127,300.b. Ellen, age 65, has bee a partiipant for 9 years (11 years of service), and her highest average compensation for 3 years is $102,600.
b. The maximum annual benefits for Ellen is $11400.
Explanation:
a. The first question requires us to determine the maximum annual benefits payable to a participant from a defined benefit plan. Since we are given that Frank, age 66, has been a participant for 17 years, and his highest average compensation for 3 years is $127,300. We can simply calculate the annual benefit by dividing the highest average compensation for 3 years is $127,300 by the 17 years. Which is 27300/17= 7500 .Therefore the maximum annual benefits for Frank is $7500.
b. The second question requires us to determine the maximum annual benefits payable to a participant from a defined benefit plan .Since we are given the that Ellen, age 65, has been a participant for 9 years (11 years of service), and her highest average compensation for 3 years is $102,600 .We can simply calculate the annual benefit by dividing highest average compensation for 3 years which is $102,600 by 9 years. Which is annual benefit= 102600/9= $11400 .Therefore the maximum annual benefits for Ellen is $11400.
Social costs are the total costs beared by the entire society. Social costs includes all the private production costs plus all the externalities.
Marginal social costs are the marginal costs beared by the entire society, and it includes all the private marginal production costs and the marginal costs of externalities.
When we talk about intelligent thinking we can think that it is the same as intelligence, but in reality, it is not ... Intelligence we all have, but intelligent thinking is not an innate quality, but rather a quality that must be cultivated.
According to Art Markman, “intelligence is a tool, among many, that our brain has that, thanks to the use of the knowledge that we acquire throughout life, helps us solve our problems in a creative and more efficient way "
