Your Pension Amount
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 July 2019 Summary of Material Modifications, a current covered employee’s monthly pension benefit is calculated as shown below:
Current Covered Employee’s Monthly Pension Benefit =
The resulting benefit amount will be reduced for early retirement, if applicable, and the form of payment you elect, if applicable.
To see your calculation and access your benefits, log into the member portal.
Kevin retires November 1, 2020 at age 62 and has not had a break in service.
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 = 30.750 years
- 5,100 hours of benefit service from 7/1/2015 through 6/30/2018 = 3 years
- 1,700 hours of benefit service from 7/1/2018 through 6/30/2019 = 1 year
- 2,550 hours of benefit service from 7/1/19 through 10/31/2020 = 1.5 years
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 = $108.00
- Periodic benefit rate for hours worked from July 1, 2015 through June 30, 2018 = $110.00
- Periodic benefit rate for hours worked from July 1, 2018 through June 30, 2019 = $115.00
- Periodic benefit rate for hours worked on and after July 1, 2019 = $120.00
Multiply the number of years by the applicable benefit rate:
|Pre-7/1/2015 benefit: 30.750 x $108.00 =||$3,321.00|
|7/1/2015–6/30/2018 benefit: 3.000 x $110.00 =||$ 330.00|
|7/1/2018–6/30/2019 benefit: 1.000 x $115.00 =||$ 115.00|
|7/1/2019–10/31/2020 benefit: 1.500 x $120.00 =||$180.00|
Add up the amounts to get the total monthly pension benefit: $3,946.00
Note that Kevin’s Normal Retirement Pension amount would be reduced for the form of payment he elects.