Answer:
To determine Martha's monthly pension, we need to use the formula provided by the Merrick Oaks School District for calculating the annual pension benefit:
Annual Pension Benefit = (Years of Service x Average of Last Three Annual Salaries) / 55
where 55 is the "pension factor" used by the district.
Using this formula, we can calculate Martha's annual pension benefit as follows:
Annual Pension Benefit = (18 x $100,000) / 55
Annual Pension Benefit = $32,727.27
Therefore, Martha's annual pension benefit is $32,727.27.
To calculate her monthly pension, we simply divide the annual pension benefit by 12:
Monthly Pension Benefit = $32,727.27 / 12
Monthly Pension Benefit ≈ $2,727.27
Therefore, Martha's monthly pension benefit would be approximately $2,727.27 if she retires after 18 years of service.
Explanation: