Projected annual benefit under a final average salary DB plan

Computes the projected annual benefit for a final average salary plan using Equation (18.6).

Usage

PAB_fas(x, z, CASx, p, fas_years = 3, past_service = 0, g = NULL, s = NULL)

Arguments

x

Current or entry age.

z

Retirement age.

CASx

Current annual salary at age x.

p

Accrual percentage, e.g. 2 for 2 percent.

fas_years

Number of years in the final average salary period.

past_service

Past years of service already completed at age x.

g

Optional constant annual salary growth rate.

s

Optional salary scale vector of length z - x.

Value

Projected annual benefit.

Examples

PAB_fas(x = 35, z = 65, CASx = 60000, p = 2, fas_years = 3, g = 0.04)
#> [1] 108008.7