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  Now Showing: Sample Pension Calculation
 


This Pension Walkthrough takes Anne, our sample participant, through all the steps she needs to determine the amount of her pension. The following points will help you to understand the significance of the Regular Pension amount - a key element in the overall pension calculation process.

  • The monthly Regular Pension amount is the monthly pension payable at age 65 under the "normal form" of benefit for an unmarried participant, which is a monthly pension guaranteed for life. The "normal form" is called Five-Year Certain because if Anne dies before she has received payment for 60 months (5 years), her beneficiaries will get the remainder of the 60 payments.

    Since Anne is married, she and her husband John will receive a reduced Husband and Wife pension unless they both elect another form in writing.
  • All types and forms of pension benefit are derived from the Regular Pension amount.

  • If one of the Optional Forms of payment is elected, the amount that Anne gets will be determined by applying a "reduction factor" to the Regular Pension amount. The reduction factor is based on Anne's age and in some cases the age of her spouse or beneficiary.










 
 

Regular Pension
Normal Form/Five Year Certain/H & W Pension
Optional Forms of Payment
Reduction Factors


   
   
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