Target Date Defined Contribution
|
|
Employees contribute 6.82% of pensionable earnings to plan |
|
|
Employer contributes 6.82% of pensionable earnings to plan |
|
|
Account value at retirement is determined by contributions and investment gains and losses |
|
|
Contributions are invested and re-balanced for risk automatically in a Target Date fund based on the employee's normal retirement date |
|
|
Retirees can access their account balance to provide income for their retirement |
|
|
New employees are enroled and vested immediately in the pension plan. 0.5 ft and an appointment greater than 6 months |
|
|
Early retirement age is 55 with no reductions |
Target Benefit Pension Plan
|
|
Employees contribute 7.5% of pensionable earnings to plan |
|
|
Employer contributes 7.5% of pensionable earnings to plan |
|
|
Monthly benefit defined by a set formula 1.75% x Best average earnings (20 years) x pensionable service (month and years in plan) |
|
|
Retirees receive Post Retirement Cost of Living Adjustment = 40% inflation |
|
|
Plan trustees, along with investment experts, choose where and how much to invest |
|
|
Retirees receive monthly benefit for their lifetime |
|
|
New employees are enroled and vested immediately in the pension plan. 0.5 ft and an appointment greater than 6 months |
|
|
Early retirement age is 55 or Rule of 80 with a 3% reduction/year to age 65 RULE OF 80 = age + service |
|
|
In case of significant surplus or shortfall, a prioritized, predefined list of benefit changes are in place to bring the pension back into balance |