Benefit Formula

The amount of your pension benefit is based on the accrual rate in effect when you last worked in the industry.  The present formula, which is effective January 1, 2022, provides a benefit of $41 per Year of Service for each Year of Service through 1983 and $130 per Year of Service for each Year of Service from 1984 through 2021.  For Years of Service 2022 and later, the accrual rate per Year of Service is $145.

In order to receive the $41,$130 and/or the $145 per Year of Service benefit, or any previous benefit level in effect at the time you first retire, you must have completed at least 1 Year of Service during the 3 calendar years immediately preceding the effective date of any benefit increase.  However, for an otherwise eligible Participant who first applies for a pension after 1982, the benefit will be at least $15 for each of their Years of Service.

Keep in mind that the amount of your benefit will be reduced for certain early payments and for the joint and survivor payment options described in the following pages.