The amount of your pension depends on your benefit service, applicable benefit rate, periodic benefit rates, age at retirement, and the form of payment you elect at retirement.

Using the benefit rates from the Benefit Improvements and Plan Amendments Effective July 2023, a current covered employee’s monthly pension benefit is calculated as shown below:

Current Covered Employee’s Monthly Pension Benefit =

The benefit service earned each period
X
Benefit rate in effect for that period

The benefit rate for each period is shown in the table below:

For hours earned in the periodApplicable or Periodic Benefit Rate
Prior to July 1, 2015\$112.00
July 1, 2015 – June 30, 2019\$115.00
July 1, 2019 – June 30, 2021\$120.00
July 1, 2021 – June 30, 2022\$125.00
July 1, 2022 – June 30, 2023\$130.00
After July 1, 2023\$135.00

The resulting benefit amount will be reduced for early retirement, if applicable, and the form of payment you elect, if applicable.

## Example

Kevin retires June 1, 2024 at age 62 and has not had a break in service.

### Step 1

Gather the number of hours of benefit service Kevin had under each periodic benefit rate. Divide the number of hours by 1,700 to get the benefit service years:

• 52,275 hours of benefit service before 7/1/2015 = 30.75 years
• 6,800 hours of benefit service from 7/1/2015 through 6/30/2019 = 4 years
• 3,400 hours of benefit service from 7/1/2019 through 6/30/2021 = 2 years
• 1,700 hours of benefit service from 7/1/2021 through 6/30/2022 = 1 year
• 1,700 hours of benefit service from 7/1/2022 through 6/30/2023 = 1 year
• 1,700 hours of benefit service from 7/1/2023 through 5/31/2024 = 1 year

### Step 2

Determine the periodic benefit rates that Kevin’s monthly pension benefit will be based on:

• Applicable benefit rate for hours worked before July 1, 2015 = \$112.00
• Periodic benefit rate for hours worked from July 1, 2015 through June 30, 2019 = \$115.00
• Periodic benefit rate for hours worked from July 1, 2019 through June 30, 2021 = \$120.00
• Periodic benefit rate for hours worked from July 1, 2021 through June 30, 2022 = \$125.00
• Periodic benefit rate for hours worked from July 1, 2022 through June 30, 2023 = \$130.00
• Periodic benefit rate for hours worked on and after July 1, 2023 = \$135.00

### Step 3

Multiply the number of years by the applicable benefit rate:

 Pre-7/1/2015 benefit: 30.75 x \$112.00 = \$3,444.00 7/1/2015–6/30/2019 benefit: 4.00 x \$115.00 = \$ 460.00 7/1/2019–6/30/2021 benefit: 2.00 x \$120.00 = \$ 240.00 7/1/2021–6/30/2022 benefit: 1.00 x \$125.00 = \$125.00 7/1/2022–6/30/2023 benefit: 1.00 x \$130.00 = \$130.00 7/1/2023–6/30/2024 benefit: 1.00 x \$135.00 = \$135.00

Add up the amounts to get the total monthly pension benefit: \$4,534.00

Note that Kevin’s Normal Retirement Pension amount would be reduced for the form of payment he elects.