Can someone please explain the answer?
Based on the following information, what is the participant's annual top-heavy minimum accrued
benefit as of June 30, 1997?
The participant works over 1000 hours per year and only participates in this plan.
The plan has always been super top-heavy.
The top-heavy min benefit is based upon years of service.
The plan year is July 1 to June 30.
DOH = 7/1/90
Plan Effective = 7/1/86
Annual comp:
6/30/91 = $20K
6/30/92 = 25K
6/30/93 = 25K
6/30/94 = 15K
6/30/95 = 22K
6/30/96 = 23K
6/30/97 = 10K
ANSWER = $3080???