Pension Plan (Safeway Division)

Sample Pension Calculations

Sample 1

Retirement Date . . . . . . . . . . . . . . . . . . .December 31, 2008
Age at Retirement. . . . . . . . . . . . . . . . . . 60
Credited Service until January 1, 1998 . . . . 25 years
Credited Service from January 1, 1998 . . . . 11 years

Year	Earnings	Employee Contributions
1998	$ 41,600	$ 832
1999	42,016	1,681
2000	42,436	1,697
2001	42,860	1,714
2002	44,146	1,766
2003	44,587	1,783
2004	45,032	1,801
2005	45,482	1,819
2006	45,936	1,837
2007	46,395	1,856
2008	46,858	1,874
Total	$ 487,348	$ 18,660

PENSION CALCULATION

For service to 31/12/1997	(See page 7)	25 x $45	$ 1,125.00
For service after 31/12/1997	(See page 7)
Greater of	1.4% x 487,348 =	$568.57
	12
		OR
	11 x $45	$495.00	____568.57
			$ 1,693.57
Minimum Benefit from Employee Contributions (See page 8)
	15% x $18.660
	12		$ 233.25

[NB - Member could have transferred amount Employee Contribution Account to an approved locked-in vehicle in lieu of receiving additional monthly pension of $233.25 from the Plan.]
Total Pension at Age 60	$ 1,926.82

Additionally, the Member will receive a bridge benefit of $100 per month until age 65. See page 9 for more details.

Sample 2

Retirement Date . . . . . . . . . . . . . . . . . . September 30, 2001
Age at Retirement. . . . . . . . . . . . . . . . . .50
Credited Service until January 1, 1998 . . . . 20 years
Credited Service from January 1, 1998 . . . . 10.75 years

Year	Earnings	Employee Contributions
1998	$ 41,600	$ 416
1999	42,016	840
2000	42,436	849
2001	42,860	857
2002	44,146	883
2003	44,587	892
2004	45,032	901
2005	45,482	910
2006	45,936	919
2007	46,395	928
2008	35,143	703
Total	$ 475,633	$ 9,098

 

PENSION CALCULATION

For service to 31/12/1997	(See page 7)	20 x $45	$ 900.00
For service after 31/12/1997	(See page 7)
Greater of	1.4% x $475,633 =	$554.91
	12
		OR
	10.75 x $45	$483.75	$ 554.91
			$1,454.91
Minimum Benefit from Employee Contributions (See page 8)
	15% x 9,098
	12		$ 113.73

[NB - Member could have transferred amount employee Contribution Account to an approved locked-in vehicle in lieu of receiving additional monthly pension of $113.73 from the Plan.]
Pension	$ 1568.64
Reduced by 45% for Early Retirement	<705.59>
Total Pension at Age 50	$ 862.75

The Member will not receive an additional bridge benefit as
he/she has not reached age 55 on his/her date of retirement.
See page 9 for more details.

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