Sample Pension Calculations print
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 |
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 | $445,748 | $17,828 |
Pension Calculation
- For service TO December 31, 1998 25 x $46.50 = $1,162.50
- For service AFTER December 31, 1998
Greater of 1.4% x $445,748 / 12 = $520.04
OR 10 x $46.50 = $465.00- Minimum Benefit from Employee Contributions
15% x $17,828 / 12 = $222.25
(NB - Member could have transferred amount in Employee Contribution Account to an approved locked-in vehicle in lieu of receiving additional monthly pension of $222.25 from the plan)- TOTAL PENSION AT AGE 60: $1,162 + $520.04 + $222.25 = $1,905.39
Additionally, the Member will receive a bridge benefit of $100 per month until age 65.
Sample 2
Retirement Date: September 30, 2008
Age at Retirement: 50
Credited Service until January 1, 1998: 20 years
Credited Service from January 1, 1998: 9.75 years
Year | Earnings | Employee Contributions |
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 | $434,033 | $8,682 |
Pension Calculation
- For service TO December 31, 1997 20 x $46.50 = $930.00
- For service AFTER December 31, 1997
Greater of 1.4% x $434,033 / 12 = $506.37
OR 9.75 x $46.50 = $453.38- Minimum Benefit from Employee Contributions
15% x $8,682 / 12 = $108.53
(NB - Member could have transferred amount in Employee Contribution Account to an approved locked-in vehicle in lieu of receiving additional monthly pension of $108.53 from the plan)- Pension: $930 + $506.37 + $108.53 = $1,544.90
Reduced by 45% for Early Retirement: ($695.20)- TOTAL PENSION AT AGE 50: $1,544.90 - $695.20 = $847.70
The Member will not receive an additional bridge benefit as he/she has not reached age 55 on his/her date of retirement.