Real-Life Math
Numbers: some people love them, others don't. When numbers refer to our age, some people lie about them, while others care so little that they don't even bother to keep track of them.
However, for Marilyn Halsall, executive assistant at Canadore College, knowing the age of each faculty member is an important part of her job.
"Having a general understanding of math is essential for what I do," says Halsall. "A good example is when I do pension calculations, which means adding a faculty member's age to the number of years he has worked for the college in order to determine his 85-factor."
Uh, excuse me? What is an 85-factor? "The 85-factor refers to the combination of age plus years of company service which determines the amount of retirement pension an employee will receive. If age plus years of company service totals 85 or higher, the employee is entitled to a full pension. For every year less than 85, 3 percent from the maximum pension is subtracted."
Well, it's a good thing you figured out what an 85-factor is (and just in time!) because your boss is having a stressful day and is considering retiring soon (like, immediately). She just asked you to figure out her 85-factor. No problem, you say.
You know your boss is 54 years and 5 months old, and she started working with the company 18 years and 8 months ago. If your boss's full pension benefits amount to $50,000 per year, what would her yearly pension be if she retired today?