Sachs Brands\' defined benefit pension plan specifies annual retirement benefits

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Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6%

Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6% times service years times final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 1999 and is expected to retire at the end of 2033 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $90,000 at the end of 2013 and the company's actuary projects her salary to be $240,000 at retirement. The actuary's discount rate is 7%.

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