Pension Benefits
To be vested in the pension plan, you need to earn 5 credits. You must be vested to receive any
type of pension benefit.
Earning Pension Credits:
- 1,000 hours in a calendar year = 1 pension credit
- 750 hours = ¾ credit
- 500 hours = ½ credit
- 250 hours = ¼ credit
If you go 5 consecutive years without earning a credit or partial credit and are not vested, you will forfeit all your hours/credits accumulated before the break.
Pension Benefit Calculation:
The gross amount of your monthly pension benefit is calculated in one of two ways, with the
higher benefit automatically awarded:
- The number of pension credits multiplied by $74 or
- The total number of hours worked multiplied by $0.064
*Note: The benefit amount can be adjusted for spousal options, early retirement, retiree
insurance, and taxes.
