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City of Austin has a pension plan which it does not require its employees to contribute. Assume City of Austin has 200 employees. Below is information related to its defined benefit pension plan.

Description	Date of December 31, 2014	Date of December 31, 2015
Fair Value of Plan Assets	$1,347,500	$1,225,000
Unrecognized prior service cost	113,095
Unrecognized loss	163,750
Projected Benefit Obligation	$1,587,500	$1,475,000

The actuary for City of Austin is utilizing a settlement rate and expected rate of return on plan assets to be at 8% for the calendar year 2014 and 2015. City of Austin contributed $221,250 to the pension plan on December 31, 2014. The service cost for calendar year 2015 amounted to $125,000

On January 1, 2013, City of Austin amended its pension plan in granting a retroactive credit for prior service for to employees prior to the amendment change. The amendment resulted in an increase of unrecognized prior service cost totaling $125,000 on January 1, 2013. City of Austin determined to amortize the prior service cost over the average remaining service life of the effective employees that equals 10.5 years. The 10.5 years is constant each year and does not change during amortization.

Requirement

What is the benefits amounted paid to retirees for calendar year 2015?

If your answer is $525,011 then type 525,011

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