Your Pension Amount
The amount of your pension depends on a variety of factors:
- The type of pension you elect
- The payment option you elect
- Your earned pension credits
- The years in which you earned credit
- The employer(s) for whom you have worked
Types of Pensions
The Affiliates’ Pension Plan offers three types of pensions:
- A Normal Pension, if you have reached age 65, and meet one of the following requirements:
- You’ve earned at least three years of current or vesting service;
- You’ve been a participant of the plan for 5 years; and/or
- You’ve earned at least 15 years of service credit with at least one year of current service
- An Early Retirement Pension, if you are:
- At least age 50, if your age plus your number of service credits equals 80 or more (the Rule of 80); or
- At least age 55, with at least 10 years of current or vesting service, or at least 15 years of service credit with at least one year of current service
- A Disability Pension, if you become totally and permanently disabled prior to age 65 and have at least 10 years of current or vesting service OR at least 15 years of service credit with at least one year of current service.
How You Calculate Your Benefit
The monthly pension amount you will receive is determined by your service credits and your “final average compensation.” Final average compensation is the average monthly compensation you were paid during the 36 consecutive months you were paid the highest amount.
To calculate your normal pension amount, multiply 2.5% of your final average compensation by your years of service credit. (If you have less than 10 years of service credit, a different percentage is used to calculate your pension amount. There are also different formulas if you last worked prior to January 1, 1999. See your Summary Plan Description for more information.)
If you retire before you reach age 65, your pension amount is calculated the same way as a normal pension, but it may be reduced to account for the extra time benefits are being paid. If you meet the Rule of 80, your benefit will not be reduced.
For examples and much more detail on how to calculate your benefit, refer to your Summary Plan Description.
Want to see an estimate of your future pension benefit?
Since calculating your own benefit may be complicated, the Benefit Funds office can provide you with an estimate of your future pension benefit. Simply submit the Estimate Request form see all contributions made on your behalf to date, and/or to receive an estimate of your future pension benefit.
Your Payment Options
When it’s time to receive your pension, you’ll elect your payment option. If you decide to provide a monthly benefit for your spouse or other survivor in the event of your death, your overall pension amount will be reduced, based on your age and that of your spouse or survivor, to accommodate those extra payments. All options include a guaranteed payment of 36 times your monthly benefit amount.
If You Get Married or Divorced
- If you marry before you retire: You will receive a 50% Spousal Pension unless you elect another payment option. You will receive a 50% Spousal Pension only if you have been married at least one year. If you have not been married for at least one year, the 50% survivor’s benefit will not be paid.
- If you marry after you retire: Your pension benefit is not affected because you cannot change your form of payment after you have begun receiving pension benefits.
- If you are divorced before you retire:The Plan will treat you as a single person, unless there is a Qualified Domestic Relations Order (QDRO).
- If you divorce after you retire: Your form of pension benefit will generally not change, unless there is a Qualified Domestic Relations Order.