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Age

65 (or later, see Postponed Retirement)

 

Service & Other Requirements

Any service (5th anniversary of participation, if hired after age 65)

 

Basic Benefit

For employees active on January 11, 2008 and later:

(a) 2.03% x Final Average Pay x Credited Service earned prior to 1/1/2004 [maximum 40 years]; plus

(b)1.8% x Final Average Pay x Credited Service earned from 1/1/2008 through 12/31/2012 [maximum 40 years less Credited Service used in (a)]; plus

(c) 1.68% x Final Average Pay x Credited Service earned from 1/1/2004 through 12/31/2007 [maximum 40 years less Credited Service used in (a) and (b)]; plus

(d) .65% x Final Average Pay x Credited Service earned after 12/31/2012 [maximum 40 years less Credited Service used in (a), (b), and (c)]
Note: If retired or terminated employment prior to January 11, 2008, different benefit provisions will apply (see Announcement)

If hired before January 1, 1983, see Grandfather Formula

 

Forms of Payment

(a) Single Life Annuity (no reduction)
(b) Qualified Joint and Survivor Annuity (75%)*
(c) Joint and Survivor Annuity (50%, 66-2/3%, 100%)
(d) 120 Month Certain Annuity
(e) Social Security Level Income Annuity
Reduction Factors
See Spouse Beneficiary Pop-up Feature

* If in eligible service on or after December 1, 1999

 

Conditions Which May Result In Loss of Some or All Benefits

Permanent Break-in-Service
Suspension of Benefits

 

View Plan Summary


Note: The Plan's provisions regarding Participant-funded Supplementary benefits are described in the "Supplementary Benefits" tab. The provisions summarized above relate to the Company-funded benefits under the Plan, as provided for in the Plan as of February, 2015. The Plan may be amended or terminated at any time, and future benefit accruals (if any) may be different from those that previously applied. In the event of any conflict between the terms of this summary and the Plan document, the terms of the Plan document will control.


   

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