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For employees active on January 11, 2008 and later:
(a) 2.03% x Final Average Pay x Credited Service prior to 1/1/2004 [maximum 40 years]; plus
(b) 1.68% x Final Average Pay x Credited Service from 1/1/2004 through 12/31/2007 [maximum 40 years less Credited Service used in (a)]; plus
(c) 0.65% x Final Average Pay x Credited Service on or after 1/1/2008 [maximum 40 years less the sum of Credited Service used in (a) and (b)]
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
This amount may be reduced if benefit payments begin before
age 65 depending on which of the following three applies:
Age 50 and 20 Years of Credited Service
(with at least one Hour of Service
on or after 1/1/1998) at time of termination of bargaining unit employment*:
Age 60 or older, no reduction; otherwise reduced 5% per year less than
age 60.
See table.
* or terminated bargaining unit employment with 20 years
of Credited Service prior
to age 50 as part of the 2001 Involuntary Separation Program
Rule of 85: Age plus
Credited Service is at least
85 (with at least one Hour of Service on or after 12/1/1999) at time
of termination of bargaining unit employment: no reduction.
All other instances: see table.
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