Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined...
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Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2017. Before retirement, her annual salary was $577,000, $607,000, and $658,000 for 2014, 2015, and 2016.
1. What is the maximum benefit Alicia can receive in 2017?
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