Judy belongs to a contributory, defined benefit pension plan, where her contribution is set at...
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Judy belongs to a contributory, defined benefit pension plan, where her contribution is set at 5% of contributory earnings. According to the terms of her pension plan, her pensionable earnings include only her basic salary. Her basic salary last year amounted to $45,000. She also earned $5,000 in overtime pay, and received a bonus of $3,000. How much was Judy required to contribute to the pension plan last year?
O a) $2,250
O b) $2,400
O c) $2,500
O d) $2,650
Judy belongs to a contributory, defined benefit pension plan, where her contribution is set at 5% of contributory earnings. According to the terms of her pension plan, her pensionable earnings include only her basic salary. Her basic salary last year amounted to $45,000. She also earned $5,000 in overtime pay, and received a bonus of $3,000. How much was Judy required to contribute to the pension plan last year?
O a) $2,250
O b) $2,400
O c) $2,500
O d) $2,650
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