MTB-Pension Fund  Benefit Formula

Your monthly accrued benefit is determined by the Plan in effect on the date you last completed an hour of service in covered employment. The benefit formula for the Plan effective July 1, 2016 is as follows:

1. $43.00 per month for each year of credited Future Service; plus
2. 3% of Creditable Employer Contributions, as defined in item 6 below, made on behalf of the Participant on or after July 1, 2008; plus
3. 3% of Total Accumulated Employer Contributions made on behalf of the Participant prior to July 1, 2008; plus
4. 3% of accumulated Employer contributions during the period July 1, 1965 to June 30, 1992; plus
5. $3.50 multiplied by the total years of credited Past Service.
6. For the purposes of (2) above, “Creditable Employer Contributions” is an amount equal to the Employer Contributions that would have been required to be contributed to the Plan based on the contribution rate in effect for the Participant’s Contributing Employer on June 30, 2008, or if less, the current contribution rate in effect for the Contributing Employer. Should a Participant change employment to another Contributing Employer after June 30, 2008, then “Creditable Employer Contributions” for the period that he works for that Contributing Employer on June 30, 2008, or if less, the Contributing Employer’s current contribution rate.

If you retire before age 65, your accrued monthly benefit will be reduced by ½ of 1% for each month you are under age 62.

If you are eligible for a Disability Retirement Benefit, there is no reduction for age.

If you delay applying for a benefit until after age 65, your benefit will be actuarially increased for each month that you delay receiving a benefit provided you are not working in disqualifying employment. The actuarial increase will be equal to 1% per month for the first 60 months after the month you attain age 65, and 1.5% for each month thereafter, for any month in which you were not working for at least 40 hours in disqualifying employment.

Please refer to the Appendix Benefit Calculations beginning on page 24 for calculation examples.