To Receive a Regular Pension You Must:
- Work in Covered Employment until at least age 65
- Be vested
Your Regular Pension benefit will be calculated using the monthly benefit rate in effect on the date you separated from Covered Employment. You will be considered to have separated from Covered Employment on your last day of Covered Employment which is followed by the earlier of:
1.) a One-Year Break in Service or
2.) the first day of the month as of which your pension becomes payable, whichever is sooner.
|Participants receiving a Regular Pension will receive the following monthly amount for each full Pension Credit earned, up to a maximum of 25 Pension Credits:|
|If Your Last Day of CoveredEmployment Was Between:||Your Basic Amount perPension Credit Will Be:||Your Basic MaximumMonthly Amount Will Be:|
|7/1/1995 and 6/30/2003||$30.00||$750.00|
|7/1/2003 and 6/30/2004||$34.00||$850.00|
|7/1/2004 and 6/30/2005||$38.00||$950.00|
|7/1/2005 and 12/31/2018||$40.00||$1,000.00|
|On or after 1/1/2019||$60.00||$1,500.00|
|$40.00 x 22 = $880.00 per month|
|$60.00 x 22 = $1320.00 per month|
Request a complete listing of Pension rates and their effective dates.
Supplemental Pension Amounts
Participants leaving Covered Employment after July 1st, 2001 – who did not retire before that date – earn an additional Pension benefit equal to $20 for each full Pension Credit in excess of 25, up to a maximum of 40 pension credits.
Participants leaving Covered Employment after July 1st, 2019 – who did not retire before that date – earn an additional Pension benefit equal to $60 for each full Pension Credit in excess of 25, up to a maximum of 40 pension credits.
|Basic Pension Amount: $40 x 25 = $1,000|
|– plus –|
|Supplemental Pension Amount: $20 x 15 = $300|
|= $1,300 total per month|
|Basic Pension Amount: $60 x 25 = $1,500|
|– plus –|
|Supplemental Pension Amount: $60 x 15 = $900|
|= $2,400 total per month|
Supplemental Pension Amounts are available to all pension types except the Age and Service Pension.