Larissa, who is age 45, has justresigned from her current job. Sheworked for Ace, which sponsors acash balance plan and a standard401(k) plan. Each of the plans uses thelongest permitted vesting scheduleand both plans are top heavy. Larissahas a balance of $30,000 in the cashbalance plan, has deferred $20,000into the 401(k) plan and has employermatching contributions of $12,000. Ifshe has been employed for threeyears, but only participating in theplans for the last two years, how muchdoesshe keep if she leaves today?O $64,000.O $32,000.$20,000.O $54,800.

Given in the question:Cash Balance = $50,000401(k) Plan = $20,000Matching Contribution by employer =…

Answered: Larissa, who is age 45, has just…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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