Lillian has a defined benefit plan that promises an annual retirement benefit based on 2% of her final 3-year average annual salary for each year of service. At retirement, Lillian has 15 years of service and had an average salary of $80,000 over the last 3 years. What is the amount of her annual benefit?

Based on the information given the amount of her annual benefit is $24,000.

Using this formula

Annual benefit= Annual retirement benefit percentage × Average salary × Years of service

Where:

Annual retirement benefit percentage=2% or 0.02

Average salary=$80,000

Years of service=15 years

Let plug in the formula

Annual benefit= 0.02 × $80,000 × 15 years

Annual benefit=$24,000

Inconclusion  the amount of her annual benefit is $24,000.

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the amount of her annual benefit is $24,000

Step-by-step explanation:

The computation of the amount of her annual benefit is as follows:

= Given percentage × average salary × number of years of service

= 2% × $80,000 × 15 years

= $24,000

Hence, the amount of her annual benefit is $24,000

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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