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Plan Features

Summarizing the most important and relevant details of Your Pension Plan. Click on your Division below to learn more!

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
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

  1. For service TO December 31, 1997 25 x $45 = $1,125.00

  2. For service AFTER December 31, 1997
    Greater of  1.4% x $487,348 / 12 = $568.57
    or             11 x $45 = $495.00

  3. Minimum Benefit from Employee Contributions
    15% x $18,660 / 12 = $233.25
    (NB - Member could have transferred amount in Employee Contribution Account to an approved locked-in vehicle in lieu of receiving additional monthly pension of $233.25 from the plan)

  4. TOTAL PENSION AT AGE 60: $1,125 + $568.57 + $233.25 = $1,926.82

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: 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

  1. For service TO December 31, 1997 20 x $45 = $900.00

  2. For service AFTER December 31, 1997
    Greater of  1.4% x $475,633 / 12 = $554.91
    or             10.75 x $45 = $483.75

  3. Minimum Benefit from Employee Contributions
    15% x $9,098 / 12 = $113.73
    (NB - Member could have transferred amount in Employee Contribution Account to an approved locked-in vehicle in lieu of receiving additional monthly pension of $113.73 from the plan)

  4. Pension: $900 + $554.91 + $113.73 = $1,568.64
    Reduced by 45% for Early Retirement: ($705.89)

  5. TOTAL PENSION AT AGE 50: $1,568.64 - $705.89 = $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.