Summary Plan Description

Nazarene Single Defined Benefit Plan
Pensions and Benefits USA – Church of the Nazarene

Introduction

The method of delivering benefits for ministers on United States districts prior to January 1, 1996, was the Basic Pension portion of the Nazarene Single Defined Benefit Plan. For persons who only have credited ministerial service prior to January 1, 1996, all of the Retirement Benefits from the Church of the Nazarene will be provided through this Plan.

Beginning with January 1, 1996, the method of delivering Retirement Benefits for ministers on United States districts changed to the Nazarene 403(b) Retirement Savings Plan (previously known as the Tax-Sheltered Annuity, or TSA). This Plan became the sole source of Retirement Benefits for those beginning to earn pension credit on or after January 1, 1996. Under this Plan, Pensions and Benefits USA (P&B) continues to provide Retirement Benefits to ministers by using local church P&B Fund payments to administer that Plan and make Annual Pension Supplement (APS) contributions to ministers’ 403(b) accounts when they meet the eligibility criteria for receiving an APS contribution. However, it is also important to note that under this Plan a minister and the local church to which he/she is assigned can also make contributions to the Plan, increasing one’s overall Retirement Benefit. A separate booklet describes the terms and provisions of the 403(b) Plan.

For persons with service prior to and after January 1, 1996, their benefits were Grandfathered. Grandfathering simply means that at the time of retirement, a benefit will be paid based on the Basic Pension portion of the Nazarene Single Defined Benefit Plan formula, however, the total of the benefit payments will come from both the 403(b) Retirement Savings Plan and Basic Pension Plan combined. A participant does not receive two Retirement Benefits but rather one benefit from two Plans. There are no new participants in the Basic Plan after December 31, 1995.

How grandfathering works: Starting on January 1, 1996, contributions to the 403(b) Plan were begun for all persons earning a year of service for pension credit. Most of these persons also had credit under the Basic Plan, and, in fact, continue to accrue service credits under that Plan. In other words, for those Grandfathered, the two Plans continue to operate side-by-side.

At the time of retirement, all years of service (both prior to 1996 and following) will be determined. Those years of service will then be multiplied by the formula factor in place at that time (i.e., $11.00 per year of service). That will yield a monthly benefit which would have been paid had only the Basic Plan continued thereby assuring the total monthly benefit will be no less under the 403(b) Plan. However, for some of the years of service, contributions from the P&B Fund have been made into the individual participant’s 403(b) retirement account. Those will have accrued to a certain cash value. Under the Grandfathering arrangement, these accrued funds represent the 403(b) Plan portion of the total monthly benefit. If this amount is less than the guaranteed benefit, a pension benefit will be paid from the Basic Plan to make up the difference. Therefore, the monthly benefit is now paid from two Plans instead of one.

This monthly amount resulting from the division of accumulated APS funds plus earnings by the applicable Plan conversion factor is referred to as an Offset. It is important to remember that when the Offset is calculated, only the accrued value of the contributions which have been made from the P&B Fund is used. Personal contributions or local church contributions are not included in the calculation for the Offset.

For example: Rev. Phineas B. Pastor is retiring effective May 1, at age 65, with 40 years of service. Under the current Basic Pension formula, his total monthly benefit is $506.00. The value of his APS account in the 403(b) Plan is $13,575.50. That will provide $92.62 per month. Since the amount provided by the 403(b) Plan is only $92.62 and the Basic Plan benefit is a total of $506.00, the Basic Plan will pay $413.38 per month to make up the difference. The result is that the total of the two Plans is equal to what the Basic Plan would have paid, had it continued.

Immediately following is a description of the provisions of the Basic Pension Plan and General Church Pension Plan as continued under the Church of the Nazarene Single Defined Benefit Plan. The pension benefits described in these Plans are subject to the 403(b) Offset described in this Summary.

The Basic Pension Plan

This section applies only to those who were participants in the Basic Pension Plan as of December 31, 1995, or prior. There are no new participants after December 31, 1995.

Section A: Those in this Plan

This portion of the Church of the Nazarene Single Defined Benefit Plan and this section of the Summary cover active, full-time district-licensed and ordained ministers in the Church of the Nazarene for service as shown in district journals on districts participating in payment of the U.S. Pensions and Benefits Fund. Full-time associate ministers who are district-licensed or ordained receive a Year of Service credit when earning at least 50 percent of their compensation from such ministry and who perform at least 30 hours per week of paid service for 30 or more weeks during the year. Evangelists receive a Year of Service credit for having conducted compensated services for 30 or more Sundays or 26 or more revival events in Nazarene churches participating in the U.S. Pensions and Benefits Fund.

The Basic Pension Plan began paying benefits April 1, 1971, for years of service accrued since 1908. It was restated in full as a qualified Church Plan for U.S. tax purposes, effective January 1, 1987.

The information here is only a Summary of parts of the Plan. More details regarding how the Plan is governed are available in the Plan Document. If you have questions, contact Pensions and Benefits USA.

Section B: How the Plan Works


B-1
– Who pays for the Plan?

Churches on participating districts make all contributions to the Plan through the Pensions and Benefits Fund.

B-2 – Do you contribute also?

No, the Plan does not provide for individual participant contributions.

B-3 – What happens to the Plan funds?

The Plan funds are for the exclusive benefit of participants and their beneficiaries. These funds will be invested by the Investment Committee of the General Board and will accumulate to provide benefits under the Plan.

B-4 – How are the benefits taxed on receipt after retirement?

Generally, the benefit payments will be treated as ordinary income and may be subject to some taxes. All benefits paid to ministerial participants will be declared as tax-free housing allowance and, to the extent that IRS housing allowance provisions are met, they may be excluded from ordinary income. See Memo #6 – Housing Allowance in Retirement at pbusa.org.

Section C: Participation in the Plan


C-1
– When did you become an active participant?

You became eligible if you met the following requirements prior to December 31, 1995:

  •  You were an active, full-time ordained Nazarene minister employed by a church or district participating in the Pensions and Benefits Fund; or
  • You were an active, full-time licensed, commissioned, or credentialed member of a district participating in payment of the Pensions and Benefits Fund.

Note: There are no new participants after December 31, 1995.

You were automatically enrolled on your Entry Date (the January 1 after you met these requirements) unless you were employed as an attorney, an engineer, or an independent professional retained by the Board of Pensions and Benefits USA, the General Board of the Church of the Nazarene, or any local church or district.

Service of employees of Nazarene church agencies, such as the General Board, Nazarene Bible College, Nazarene Theological Seminary, Nazarene Publishing House, or Nazarene colleges or universities, is not covered by this Plan.

If you entered the Plan before January 1, 1987, and were an active participant on December 31, 1986, you were automatically an active participant on January 1, 1987. Your Entry Date under the prior Plan did not change.

C-2 – If you serve a local church or district with a local minister’s license, will that count as years of service for credit?

No, only service as a district-licensed or ordained minister counts toward Years of Service credit.

C-3 – If you serve a church which does not participate in payment to the Pensions and Benefits Fund, will your pension credit be affected?

Yes. In the event a church or churches you serve fail to contribute to the Pensions and Benefits Fund during your service with them, Years of Service may not be credited for those years. Subsequent Years of Service to a church or churches which pay the Pensions and Benefits Fund allocation in full during your Years of Service with them may reduce a previous penalty for nonpayment.

C-4 – When do you become an inactive participant?

You will become an inactive participant on any of the following:

  • The date you are discharged or quit;
  • The date you are placed on leave of absence without salary; or
  • The date you are no longer eligible (see C-1).

C-5 – When do you stop being a participant?

You stop being a participant on either of the following:

  • The date of your death; or
  • The date you are discharged or quit if your Vesting Percentage is zero.

 C-6 – Can you become an active participant again?

Yes, as soon as you again qualify for coverage (see C-1).

Section D: When You May Begin Receiving Benefits


D-1
– When is your Normal Benefit Receipt Date?

Your Normal Benefit Receipt Date is the first day of the month on or after the date you reach age 65. For example:

Your Birth Date
Your Normal Retirement Date
April 1, 1948 April 1, 2013
April 20, 1948 May 1, 2013

This is the month in which your benefits are eligible to be paid if benefits have not been paid on an earlier date.

D-2 – May you receive benefits before your Normal Benefit Receipt Date?

Yes. You may choose to have your benefits paid on your early retirement date. Your Early Retirement Date may be the first day of any month on or after the later of:

  • The date you stop working prior to age 65;
  • The date you reach age 62.

The Plan requires a participant who receives a Retirement Benefit prior to their 65th birthday to be retired, unassigned, or serving only on a part-time basis if employed by the church.

D-3 – May you begin receiving benefits after your Normal Benefit Receipt Date?

If you continue working and do not apply for benefits, your benefits will be paid on your Late Benefit Receipt Date. Your Late Benefit Receipt Date will be the month on or after the date you apply for benefits.

Participants eligible for a monthly benefit from this Plan that choose not to apply until after their 65th birthday may also be eligible for a retroactive benefit. Eligibility criteria include:

  • Age 65 for the participant and age 62 for the surviving spouse; and
  • Participant must have ceased to accrue years of service.

The Plan document provides for payment of a retroactive benefit based on the form of benefit elected by the participant at the time of application. Any benefits which could have been received had the participant retired at his/her Normal Retirement Date are determined with the help of the Plan’s actuaries, and paid for the remainder of the participant’s or surviving spouse’s lifetime, if applicable. Any 403(b) Offset amount to the regular benefit is included in determining the retroactive amount. 

A participant may not receive a retroactive benefit for any service also included as an eligible year of service under the Plan (i.e., no double credit for a year of service and retroactive benefits).

D-4 – When will your benefit begin?

Payment of your Vested Benefit will begin on your Normal Benefit Receipt Date, Early Retirement Date, or Late Benefit Receipt Date, as applicable, if you have applied for the benefit. Payments will begin as of the first day of the next month following approval of your application by the Plan Administrator—the Board of Pensions and Benefits USA. Your Vesting Percentage will be determined as of the month prior to the date you begin receiving benefits. If you meet the requirements in D-2, you may have payment of your Vested Benefit start on your Early Retirement Date. However, payments will be reduced by the percentage as indicated in E-7.

Section E: How Much Benefit You Can Earn


E-1
– How much is your monthly benefit?

As you perform covered service (see Section C), you earn benefits. This Earned Benefit will grow with your service. (For important vesting information, see Section I.)

See Addendum ACurrent Basic Pension Benefits at the end of this Summary for the current chart of benefits. This chart is effective January 1, 2005. It does not include any of the actuarial adjustment factors applicable to those choosing an Early Retirement Benefit or other Optional Forms of benefit.

E-2 – What about Canadian pension benefits?

Addendum A does not apply if you are on a Canadian District (your benefit was frozen as of the date the Canadian districts withdrew from the Plan). Exceptions may apply outside the U.S.

E-3 – What about Missionary Pension Plan benefits?

Addendum A does not apply if you retire after December 31, 1997, and have years of service under the Missionary Pension Plan (such years of service can be counted solely for the purpose of the increasing adjustment factor of .005 used for service of over 10 years—see E-4). Exceptions may apply outside the U.S.

Remember that this benefit is subject to the 403(b) Offset described in the Introduction of this Summary.

E-4 – How is your Earned Monthly Benefit calculated?

Effective January 1, 2005, the two-factor formula below is used to figure your Earned Monthly Benefit at your Normal Benefit Receipt Date.

  Factor A = $11.00 x Credited Years of Service (maximum 50)
  Factor B = (As determined below)
  Factor A x Factor B = Earned Monthly Benefit

Step 1: Credited Years of Service plus Years of Service under the Missionary Pension Plan (if applicable)
Step 2: Result of Step 1 - 10
Step 3: Result of Step 2 x .005
Step 4: Result of Step 3 + 1.00
Step 5: Result of Step 4 = Factor B

Your Credited Years of Service is the sum of your Years of Service which start when you become an active participant of the Plan (your Entry Date—see C-1) and ends on the date you are discharged, quit, or begin receiving benefits. A participant shall receive a full one Year of Service credit for the year in which the participant terminates from full-time service or begins receiving benefits, whichever occurs first.

E-5 – Is this the amount you will get if you begin receiving benefits on your Normal Benefit Receipt Date?

This is the full benefit you would get under the Normal Form if you work up to your Normal Benefit Receipt Date. The Normal Form is “life with a 60 percent survivor benefit.” This form pays you a monthly payment as long as you or your eligible surviving spouse lives.

E-6 – If I remarry after benefits begin, will my new spouse receive a survivor’s benefit?

To be eligible, your surviving spouse must have been married to you for not less than one year prior to your death and be at least age 62. See Section F for an Early Benefit Option for a surviving spouse.

E-7 – Will you get less if you retire before your Normal Benefit Receipt Date?

Your earned monthly benefit will be less because your service is not the same as at the Normal Benefit Receipt Date. Your earned monthly benefit will also be actuarially reduced by .006 per month of early retirement to reflect that payments begin at a younger age and are paid for a longer time. The total percentage is based on the number of months you retire early as shown in the example below. To find your Early Retirement Benefit you need to know:

    1. How many months early you Plan to retire; and
    2. How many Credited Years of Service you have.

The formula:

  Earned Monthly Benefit (see E-1 and E-2) $ ____________ = A
  Number of months early you plan to retire x .006    ____________ = B
  A x B  $ ____________ = C
  A – C  $ ____________ = Your Retirement Benefit

Remember that this benefit is subject to the 403(b) Offset described in the Introduction of this Summary.

E-8 – If you elect to retire before your Normal Benefit Receipt Date, how is your eligible surviving spouse’s benefit determined?

The eligible surviving spouse of a participant who had elected an Early Retirement Benefit will be eligible for a benefit at age 62 based on 60 percent of the participant’s Normal Form of benefit without the early retirement percentage reduction. See Section F regarding an Early Benefit Option for a surviving spouse.

Section F: Survivor’s Benefits


F-1 – What surviving spouse benefits are paid by the Plan?

The survivor’s standard benefit is 60 percent of the participant’s Normal Form of benefit and may be payable as early as age 62. Optional surviving spouse benefits are determined at the time of application by the participant (See Section G).

F-2 – Can your eligible surviving spouse begin receiving benefits before age 62?

Yes. Your eligible surviving spouse may begin receiving benefits at age 62 without any required actuarial reduction. Your eligible surviving spouse may begin receiving benefits as early as age 60 with .006 reduction for each month between the date the benefit begins and the month in which the surviving spouse would have reached age 62.

Section G: How Your Benefits Are Paid


G-1
– Is there an Optional Form of benefit on or after your normal benefit receipt date?

Yes. Benefits will be paid to you under the Normal Form (see E-5) unless the participant elects, on a timely basis, the Optional Form of benefit. The Optional Form allows a participant to actuarially reduce the standard monthly benefit to purchase a 100 percent survivor monthly benefit for an eligible spouse. The present dollar value of both benefits is the same. The Optional Form simply reflects your choice to defer current amounts on an actuarially determined basis in order to benefit your surviving spouse.

No change of election may be made except within the 30 days following the notice of the monthly benefit amounts determined by the Plan Administrator—the Board of Pensions and Benefits USA. After that date, the option is permanently fixed.

The actuarial adjustment in the participant’s monthly benefit is determined by reducing the monthly benefit to 90 percent of the normal monthly benefit plus (or minus) .3 percent for each full year by which the participant’s date of birth follows (or precedes) the date of birth of the participant’s spouse. Maximum adjustment is limited to 99.9 percent of a normal monthly benefit.

“Optional” Pension as Compared to “Standard” Pension

See Addendum BComparison of Standard to Optional Benefits at the end of this Summary for a comparison. The chart is intended to be used as an example of how Optional Benefits are calculated, however, the results displayed may not represent your actual benefit. The actual benefit will be calculated at the time of your application. This chart is effective January 1, 2005.

For an additional example, assume:

    1. You begin receiving benefits at age 65;
    2. You have 30 Years of Service credit; and
    3. Your spouse is 26 months younger than yourself.

Adjustment = .90 - .006 = .894 or 89.4%

Standard Form of Monthly Benefit:

  • $363.00 to Participant
  • $217.80 to Surviving Spouse (60%)

Optional Form of Monthly Benefit:

  • $363.00 x 89.4% = $324.52
  • $324.52 to Participant
  • $324.52 to Surviving Spouse (100%)

Since the retirement funding needs of each individual and couple are unique, this choice is available. You may want to consult your personal financial advisor regarding which benefit (Normal or Optional Form) is best for your situation.

G-2 – Are Optional Benefits subject to 403(b) Offsets?

Yes, all benefits are subject to the 403(b) Offset described in the Introduction of this Summary.

Section H: What Disability Benefits Are Paid?

This Plan is intended to provide an income for your retirement years; however, disability benefits also are available.

H-1 – Are any benefits payable if you become disabled before you reach age 65?

A participant who is disabled and who is a member of a U.S. district (and such a participant’s widow or widower) may qualify for the Basic Pension benefit with as few as five Years of Service credit. In addition to the actual Years of Service credited, eligible participants may be granted one-half Year of Service credit for each year from their attained age at the time of qualification for disability pension up to age 65, assuming they are in full-time active service on January 1 in the calendar year they apply.

For eligible participants who are disabled, the Basic Pension benefit may begin as soon as the month following the date all three of the following conditions are met:

  • If under age 65, disability must be determined by the U.S. Social Security Administration.
  • The participant’s completed application has been received and approved for benefits.
  • The district has granted retirement status to the disabled participant or the Advisory Board has indicated they will recommend retirement status at the next district assembly.

Should the retirement relationship not be granted at the first district assembly following the granting of the Basic Pension benefit due to disability, the pension will be suspended until all qualifications have been met.

An inactive participant who is no longer a member of a U.S. district and who is disabled may qualify for a Basic Pension benefit upon completion of a minimum of five Years of Service and upon approval of the inactive participant’s application. If under age 65, disability must be determined by the U.S. Social Security Administration or its equivalent. Evidence of such determination must be submitted with the application. An inactive participant shall be granted only actual Years of Service credit. A benefit cannot commence until an application is received.

Section I: What You Get if You Become an Inactive Participant


I-1
– Will you still receive benefits from the Plan if you’re an inactive participant?

If your Vesting Percentage is greater than zero percent, you will receive a monthly benefit. This amount is your Vested Benefit. This benefit cannot be taken from you. Only if your Vesting Percentage is zero percent will you fail to receive any benefits. However, if you die before receiving benefits, the only benefits payable will be those described in Section E.

I-2 – How is your Vesting Percentage determined?

Your Vesting Percentage is determined by your years of vesting service. This percentage is determined from the following schedule:

  Years of
Vesting Service
Percentage
  Less than 10 0%
  10 or more 100%

I-3 – How is Vesting Service determined?

Vesting Service is the sum of your Periods of Continuous Service. A Period of Continuous Service starts on your Entry Date (see C-1). It ends on the date you are discharged, quit, or begin receiving benefits. It includes the year in which the participant terminates from full-time service or begins receiving benefits, whichever occurs first.

If you worked or work for one or more Nazarene church agencies or as a missionary, or if you have years of service qualifying under the Pension Plan of the Church of the Nazarene Canada, that service will count as Vesting Service. Your Vesting Percentage will be determined as of the date you no longer accrue service credit with a participating employer.

I-4 – If you remain an inactive participant, when may you get your benefit?

Payment of your Vested Benefit will begin on your Normal Benefit Receipt Date if you have applied for the benefit (see D-1). Payment will not be made retroactive to the date of initial eligibility but only as of the first day of the month next following approval of your application by the Plan Administrator—the Board of Pensions and Benefits USA. If you meet the retroactive benefits requirements in D-2, you may have payment of your Vested Benefit start on your Early Retirement Date. However, payments will be reduced by the percentage as indicated in E-7.

Section J: Other Facts You Need to Know


J-1
– Can your benefits be paid to someone else?

Benefits under the Plan cannot be transferred, assigned, or pledged, except in the case of a Qualified Domestic Relations Order (QDRO).

J-2 – Do your payments from this Plan affect your Social Security benefits?

No. Your benefits from this Plan are in addition to your benefits from Social Security. You should make application for Social Security (and Medicare) benefits three months before you wish Social Security benefits to begin.

J-3 – How do you make a claim for benefits under the Plan?

Apply for benefits to your Plan Administrator—the Board of Pensions and Benefits USA. You will need to complete all necessary forms and supply needed information, such as the account number for electronic funds transfer (EFT).

Your claim will be reviewed and a decision made within 90 days. In some cases the decision may be delayed for an additional 90 days. If so, you will be notified in writing of the delay and the reason for the delay.

If your claim is approved for payment of a monthly benefit, you will be notified in writing stating the years credited and the amount of your benefit. You will be given the opportunity to change your benefit election and to have your benefit electronically deposited into your bank account.

If you make a claim and all or part of it is refused, you will be notified in writing. You will be told (1) why your claim was refused; (2) the specific provisions of the Plan governing the decision; (3) what additional information is needed, if any; and (4) what steps you should take if you wish to have your claim denial reviewed.

J-4 – What can you do if your claim is refused?

You have 90 days after receiving written notice that your claim is refused to make a written appeal to your Plan Administrator—the Board of Pensions and Benefits USA. You or your representative also may review Plan documents and submit issues and comments in writing. A decision will be made on your appeal within 90 days. In some cases the decision may be delayed for an additional 90 days. If so, you will be notified in writing of the delay and the reason for the delay. The Plan Administrator has the right to interpret the provisions of the Plan.

J-5 – Can the Plan be changed or discontinued?

The Plan can be changed at any time. You will be notified of any changes that affect your benefits. The Plan is designed to safeguard your interests. It is intended that the Plan will be continued, but it may be changed or terminated.

J-6 – What happens if the Plan is terminated?

If the Plan should terminate, its assets will be used on a priority basis to provide promised benefits for all vested Plan participants. Specific terms are contained in the Plan document that is available from the office of Pensions and Benefits USA.

J-7 – Do I accrue Years of Service under the Plan if I continue to serve in an otherwise eligible assignment after my monthly benefits begin?

No. Once you have begun to receive a benefit under the Plan, you may not accrue any additional Years of Service credit.

ADDENDUM  - A
Current Basic Pension Benefits (effective January 1, 2005)

Years of
Service
Standard
Participant Amount
Standard
Survivor's Amount
(60%)

1 $11.00 $ 6.60
2 22.00 13.20
3 33.00 19.80
4 44.00 26.40
5 55.00 33.00
6 66.00 39.60
7 77.00 46.20
8 88.00 52.80
9 99.00 59.40
10 110.00 66.00

11 121.61 72.97
12 133.32 79.99
13 145.15 87.09
14 157.08 94.25
15 169.13 101.48
16 181.28 108.77
17 193.55 116.13
18 205.92 123.55
19 218.41 131.05
20 231.00 138.60
21 243.71 146.23
22 256.52 153.91
23 269.45 161.67
24 282.48 169.49
25 295.63 177.38
26 308.88 185.33
27 322.25 193.35
28 335.72 201.43
29 349.31 209.59
30 363.00 217.80
31 376.81 226.09
32 390.72 234.43
33 404.75 242.85
34 418.88 251.33
35 433.13 259.88
36 447.48 268.49
37 461.95 277.17
38 476.52 285.91
39 491.21 294.73
40 506.00 303.60
41 520.91 312.55
42 535.92 321.55
43 551.05 330.63
44 566.28 339.77
45 581.63 348.98
46 597.08 358.25
47 612.65 367.59
48 628.32 376.99
49 644.11 386.47
50 660.00 396.00

 

ADDENDUM  - B
Comparison of Optional to Standard Benefits
Based on 50 Years of Service

      "Optional" Pension "Standard" Pension
  Spouse's Age Difference
(in full years)
% of Base Participant AND Widow(er) Receive Participant Receives Widow(er) Receives
  +10 93.00 613.80 660.00 396.00
  + 9 92.70 611.82 660.00 396.00
O + 8 92.40 609.84 660.00 396.00
L + 7 92.10 607.86 660.00 396.00
D + 6 91.80 605.88 660.00 396.00
E + 5 91.50 603.90 660.00 396.00
R + 4 91.20 601.92 660.00 396.00
  + 3 90.90 599.94 660.00 396.00
  + 2 90.60 597.96 660.00 396.00
  + 1 90.30 595.98 660.00 396.00

  Same Age
as
Participant
90.00 594.00 660.00 396.00

  - 1 89.70 592.02 660.00 396.00
Y - 2 89.40 590.04 660.00 396.00
O - 3 89.10 588.06 660.00 396.00
U - 4 88.80 586.08 660.00 396.00
N - 5 88.50 584.10 660.00 396.00
G - 6 88.20 582.12 660.00 396.00
E - 7 87.90 580.14 660.00 396.00
R - 8 87.60 578.16 660.00 396.00
  - 9 87.30 576.18 660.00 396.00
  -10 87.00 574.20 660.00 396.00

 

CONVERSION FACTORS TO DETERMINE BASIC
PLAN 403(b) OFFSET IN 2013

(Factor should be divided into 403(b) accumulaitons to provide monthly
annuity offset at age 65* on joint and 60% to spouse basis)
*Or at actual age if older than 65

Age of
Participant**

Convervion
     Factor     
Age of
Participant**
Conversion
     Factor    
Age of
Participant**
Conversion
     Factor    
20 13.23 45 50.44 65 147.18
21 13.96 46 53.22 66 144.20
22 14.72 47 56.15 67 141.12
23 15.53 48 59.23 68 137.96
24 16.39 49 62.49 69  
             
25 17.29 50 65.93 70 131.38
26 18.24 51 69.55 71 127.98
27 19.24 52 73.38 72 124.50
28 20.30 53 77.42 73 120.96
29 21.42 54 81.67 74 117.36
            
30 22.60 55 86.17 75 113.70
31 23.84 56 90.90 76 109.99
32 25.15 57 95.90 77 106.25
33 26.53 58 101.18 78 102.47
34 27.99 59 106.74 79 98.66
            
35 29.53 60 112.61 80 94.85
36 31.16 61 118.81 81 91.02
37 32.87 62 125.34 82 87.20
38 34.68 63 132.24 83 83.39
39 36.58 64 139.51 84 79.58
            
40 38.60        
41 40.72        
42 42.96        
43 45.32        
44 47.81        

**Age nearest birthday on date of determination

Actuarial Assumptions:

  1. Mortality Table (after age 65) - 1971 IAM (-1,-1)
  2. Mortality Table (before age 65) - None
  3. Spouse's Age - Assumed to be 3 years younger than participant
  4. Interest Rate - 5.5%, compounded annually
  5. Unisex Assumptions: 95% Male, 5% Female
  6. Annuity Form - Joint & 60% to spouse

The General Church Pension Plan

This section applies only to those who were participants in the General Church Pension Plan as of December 31, 1995, or prior. There are no new participants after December 31, 1995.

Section A: Those in this Plan

This portion of the Church of the Nazarene Single Defined Benefit Plan and this portion of the Summary cover only the employees or retirees at the Global Ministry Center, Nazarene Theological Seminary, Church of the Nazarene Foundation, and Nazarene Compassionate Ministries, Inc.

The General Church Pension Plan began on January 1, 1961.

The information here is only a Summary of parts of the Plan. More details regarding how the Plan is governed are available in the Plan Document. If you have questions, contact your employer’s personnel office or Pensions and Benefits USA.

Section B: How the Plan Works


B-1 – Who pays for the Plan?

Your employer makes tax-deferred contributions to the Plan. After you retire, the monthly payments you receive in excess of your contributions will be treated as ordinary income.

B-2 – Do you contribute also?

Yes. As an active member you also will contribute through regular payroll deductions. Your contributions are held in your name. Your contribution is used to provide part of your Retirement Benefit. It is also available as a benefit if you die or terminate employment. Section E of this Summary will explain about contributions in more detail.

B-3 – What happens to the Plan funds?

The Plan funds are for the exclusive benefit of members and their beneficiaries. These funds will be invested by the Investment Committee of the General Board and will accumulate to provide benefits under the Plan.

Section C: Membership in the Plan


C-1 – When did you become an active member?

You became eligible if you met the following requirements as of December 31, 1995:

  • You were an eligible full-time employee (30 hours per week minimum); and
  • You had reached age 21.

Note: There are no new participants after December 31, 1995.

You became an active member on the January 1 on or after which you met these requirements if you had signed an agreement authorizing payroll deductions. That was your Entry Date.

You were an eligible employee unless you were employed as a missionary, an attorney, an engineer, or an independent professional retained by the Plan Sponsor.

Due to tax law changes, the Plan was “restated” as of January 1, 1987. If you entered the Plan before January 1, 1987, and were an active member on December 31, 1986, you were automatically an active member on January 1, 1987. Your Entry Date under the prior Plan did not change.

C-2 – If you did not sign the agreement by your Entry Date, can you sign up later?

You had 30 days after your initial Entry Date to sign the agreement. You could have become an active member on any January 1 after your initial Entry Date if you were still an eligible employee. This then, was your Entry Date. You cannot enter this Plan after December 31, 1995.

C-3 – When do you become an inactive member?

You will become an inactive member on any of the following:

  • The date you are discharged or quit (also see C-4);
  • The date you stop contributing to the Plan; or
  • The date you are no longer eligible (see C-1).

C-4 – When do you stop being a member?

You stop being a member on any of the following:

  • The date of your death;
  • The date you are discharged or quit if your Vesting Percentage is zero (see H-2); or
  • The date you get a single sum payment in place of all other benefits.

C-5 – Can you become an active member again?

No. There is no provision for reentry after December 31, 1995.

Section D: When You May Retire


D-1 – When is your Normal Retirement Date?

Your Normal Benefit Receipt Date is the first day of the month on or after the date you reach age 65. For example:

Your Birth Date
Your Normal Retirement Date
April 1, 1948 April 1, 2013
April 20, 1948 May 1, 2013

This is the month in which your benefits are eligible to be paid if benefits have not been paid on an earlier date.

D-2 – May you retire before your Normal Retirement Date?

Yes. You may choose to have your benefits paid on your Early Retirement Date.

Your Early Retirement Date may be the first day of any month on or after the later of:

  • The date you stop working; and
  • The date you reach age 60.

D-3 – May you retire after your Normal Retirement Date?

If you continue working, your benefits will be paid on your Late Retirement Date. Your Late Retirement Date will be the first day of the month on or after the date you stop working.

Section E: How Much Is Contributed By You


E-1 – What amounts are you required to contribute?

Your Required Contribution for each pay period is three percent of your pay. “Pay” means your includible compensation as of each January 1.

You do not contribute after you become eligible for benefits from any pension contribution continuance insurance provided by your employer.

You must make Required Contributions during the time in which you are an active member. The amounts you contribute are separately identified in the event you terminate participation or employment. These funds are always yours although availability is restricted due to Plan provisions. (See B-2, I-4, and I-5.)

E-2 – Is interest paid on your account?

Yes. Your contributions are credited with a minimum of five percent interest.

E-3 – Does anything else affect your contributions?

The law limits the contributions and benefits under all Plans of an employer. Before the Tax Reform Act of 1986, most employee contributions were not subject to this limit. Now, almost all employee contributions are a part of this limit. Because the limits are so high, few people should be affected unless the employer contributions or benefits are high, and they are making employee contributions.

Section F: How Much Benefit You Can Earn

As you work, you earn your Retirement Benefit. This Earned Benefit will grow with your service and pay.

F-1 – How is your Earned Benefit calculated?

If you are beginning Retirement Benefit payments on or after January 1, 2000, the formula below is used to calculate your Earned Benefit under the Normal Form of Retirement Benefit which is “life with a certain period of 10 years.”

2.00% of your Average Monthly Pay
                     x
Your Credited Years of Service under the Plan

Your Average Monthly Pay is the average of your fixed rates of monthly pay on the five January firsts which give the highest average.

Your Credited Years of Service is the sum of your periods of service as an active member which begins when you become an active member of the Plan and ends on the date you are discharged or quit.

However, the following service will not be counted:

  • Service before January 1, 1961; or
  • Service when you were not an active member (see Section C).

Your Earned Benefit will not be less than:

  • Your Earned Benefit under the provisions of the prior Plan on December 31, 1986; or
  • Your expected benefit at Normal Retirement Date under the prior Plan on December 31, 1986, multiplied by your Earned Benefit Percentage.

Your Earned Benefit Percentage is the percentage of your benefit that you have earned based on your Credited Years of Service. This percentage will not exceed 100% and is the sum of your Credited Years of Service divided by your expected Credited Years of Service at age 65.

For example, assume:

    1. You retire on your Normal Retirement Date at age 65; and
    2. You have 30 Credited Years of Service; and
    3. Your Average Monthly Pay for the 5 highest years is $1,000.

Your Earned Monthly Benefit at Normal Retirement Date under “life with a certain period of 10 years” would be:

  2.00% of your Average Monthly Pay $ 20.00
        x Credited Years of Service x 30
  Earned Monthly Benefit at Normal Retirement Date $600.00

Remember that this benefit is subject to the 403(b) Offset described in the Introduction of this Summary.

F-2 – Is this the amount you will get if you retire on your Normal Retirement Date?

This is the full benefit you would get under the Normal Form of benefit at your Normal Retirement Date. The Normal Form is “life with a certain period of 10 years.” This form pays you a monthly benefit as long as you live. Monthly benefits will be paid for at least 10 years. If you die before monthly benefits have been paid for 10 years, your beneficiary gets the monthly benefit payments that are left.

The actual amount of your monthly benefit will depend on the form of Retirement Benefit you choose (see Section G for Optional Forms).

F-3 – Will you get less if you retire before your Normal Retirement Date?

Your Earned Benefit may be less because your service and pay may not be the same as at your Normal Retirement Date. Also, your Earned Benefit will be actuarially reduced to reflect that payments begin at a younger age and are paid for a longer time. The percentage is based on the number of years you retire early and is shown in the table below:

 

Number of Years Before Your
Normal Retirement Date

Approximate
Percentage
  1 93%
  2 86%
  3 80%
  4 73%
  5 66%

The percentage will be adjusted for fractional parts of a year. For example, assume:

    1. You retire 3 years early; and
    2. You now have 27 Credited Years of Service; and
    3. Your Average Monthly Pay for the 5 highest years is $950.

Approximate monthly benefit 3 years early under “life with a certain period of 10 years” would be:

  2.00% of your Average Monthly Pay $ 19.00
        x Credited Years of Service       x 27
  Earned monthly benefit at Normal Retirement Date $513.00
        x 80%     x 80%
  Monthly benefit from the Plan $410.40

Remember that this benefit is subject to the 403(b) Offset described in the Introduction of this Summary.

F-4 – Will you get more if you retire late?

Yes. The benefit you had earned on your Normal Retirement Date will be increased by a percentage. This is because payments begin at an older age and are paid based on a shorter life expectancy. The percentage is based on the number of years you retire late and is shown in the table below:

  Number of Years
You Retire Late
Percentage
  1 6%
  2 12%
  3 19%
  4 26%
  5 34%
  6 42%
  7 50%
  8 58%
  9 67%
  10 76%

The percentage will be adjusted for fractional parts of a year. You may ask your employer’s personnel office for factors for years not shown in the table. However, your benefit on your late retirement date will not be less than your Earned Benefit on the date you retire. Your Earned Benefit will be determined using your pay and service as of the date you retire. For example, assume:

    1. You retire 5 years after Normal Retirement Date; and
    2. Your Average Monthly Pay for the 5 highest years is $1,200; and
    3. You now have 35 Credited Years of Service; and
    4. Your Earned Benefit at Normal Retirement Date is $600.00.

Your benefit 5 years late under “life with a certain period of 10 years” would be the greater of (a) or (b) below:

  (a) Earned Benefit at Normal Retirement Date $600.00
  x above percentage (5 years late)      x 34%
    $204.00
     
    $600.00
    + $204.00
    $804.00
     
  (b) 2.00% of your Average Monthly Pay $24.00
  x Credited Years of Service         x 35
    $840.00

Since the amount in (b) is greater, your monthly benefit from the Plan would be $840.00

If you continue as a member in the Plan past your Normal Retirement Date, your late Retirement Benefit will be the greater of your accrued benefit at retirement or your accrued benefit on your Normal Retirement Date multiplied by the late retirement factor above.

Remember that this benefit is subject to the 403(b) Offset described in the Introduction of this Summary.

F-5 – What if you retired on or prior to January 1, 1994?

The amount of Retirement Benefit paid after December 31, 1995, for all retirees as of January 1, 1994, shall be determined by a factor based on a modified Consumer Price Index (CPI) change since the year of each retiree’s retirement which will be used to multiply the original benefit amount payable at the Retirement Date for the participant or subsequently to a beneficiary. The original benefit multiplier will be the lesser of the actual CPI percentage change for the calendar year as reported by the U.S. Department of Labor or three percent. The following table will be used to determine the multiplier based on this formula.

  Year of Retirement Annual CPI Change Adjusted CPI Multiplier/Factor
  1968 6.22% 3.00% 2.04
  1969 5.18% 3.00% 1.98
  1970 3.38% 3.00% 1.92
  1971 3.50% 3.00% 1.87
  1972 8.89% 3.00% 1.81
  1973 12.10% 3.00% 1.76
  1974 7.25% 3.00% 1.71
  1975 4.38% 3.00% 1.66
  1976 7.26% 3.00% 1.61
  1977 8.84% 3.00% 1.56
  1978 13.16% 3.00% 1.52
  1979 12.43% 3.00% 1.47
  1980 9.03% 3.00% 1.43
  1981 4.03% 3.00% 1.39
  1982 4.20% 3.00% 1.35
  1983 3.62% 3.00% 1.31
  1984 3.76% 3.00% 1.27
  1985 1.53% 1.53% 1.23
  1986 3.97% 3.00% 1.22
  1987 4.13% 3.00% 1.18
  1988 5.22% 3.00% 1.15
  1989 6.48% 3.00% 1.11
  1990 1.89% 1.89% 1.08
  1991 1.44% 1.44% 1.06
  1992 1.46% 1.46% 1.05
  1993 3.00% 3.00% 1.03

No benefit payable after this multiplier is applied will be less than the monthly Accrued Benefit payable prior to the application of the factor.

F-6 – What if you retired on or prior to July 1, 1997?

The amount of Retirement Benefit paid after June 30, 1997, for all Grandfathered General Church Pension Plan retirees as of July 1, 1997, will be increased by the same percentage increase effective July 1, 1997, for Grandfathered Basic Pension Plan retirees (2.78%), up to the maximum benefit available under the new Grandfathered Basic Pension Plan benefit base formula.

F-7 – What if you retired on or prior to July 1, 1998?

The amount of Retirement Benefit paid after June 30, 1998, for all Grandfathered General Church Pension Plan retirees as of July 1, 1998, will be increased by the same percentage increase effective July 1, 1998, for Grandfathered Basic Pension Plan retirees (2.70%), up to the maximum benefit available under the new Grandfathered Basic Pension Plan benefit base formula.

F-8 – What if you retired on or prior to July 1, 1999?

The amount of Retirement Benefit paid after June 30, 1999, for all Grandfathered General Church Pension Plan retirees as of July 1, 1999, will be increased by the same percentage increase effective July 1, 1999, for Grandfathered Basic Pension Plan retirees (5.26%), up to the maximum benefit available under the new Grandfathered Basic Pension Plan benefit base formula.

F-9 – What if you retired on or prior to December 31, 1999, or were an inactive participant on December 31, 1999, having frozen accrued benefits?

The amount of Retirement Benefit paid after December 31, 1999, for all Grandfathered General Church Pension Plan retirees as of December 31, 1999, will be increased by 15 percent. For all inactive participants on December 31, 1999, having frozen accrued benefits, those benefits will be increased by 15 percent of the amount determined by the benefit formula in place at the time the benefit was frozen.

F-10 – What if you retired on or prior to July 1, 2000?

The amount of Retirement Benefit paid after June 30, 2000, for all Grandfathered General Church Pension Plan retirees as of July 1, 2000, will be increased by the same percentage increase effective July 1, 2000, for Grandfathered Basic Pension Plan retirees (5.00%), up to the maximum benefit available under the new Grandfathered Basic Pension Plan benefit base formula.

F-11 – What if you retired on or prior to July 1, 2001?

The amount of Retirement Benefit paid after June 30, 2001, for all Grandfathered General Church Pension Plan retirees as of July 1, 2001, will be increased by the same percentage increase effective July 1, 2001, for Grandfathered Basic Pension Plan retirees (2.38%), up to the maximum benefit available under the new Grandfathered Basic Pension Plan benefit base formula.

Section G: How Your Retirements Benefits Are Paid

Your Retirement Benefit described in Section F will be paid to you at retirement. This is the amount paid under the Normal Form. The Normal Form is “life with a certain period of 10 years.” This form pays you a monthly benefit as long as you live. Monthly benefits will be paid for at least 10 years. If you die before monthly benefits have been paid for 10 years, your beneficiary gets the monthly benefit payments that are left. The actual amount of your monthly benefit will depend on the amount of your Earned Benefit, your age, the age of your survivor, and the Optional Form chosen.

G-1 – How are Retirement Benefits paid?

If you do not make a choice (or you cancel your choice), Retirement Benefits will be paid as provided below:

  • If you are not married on the day benefits begin, Retirement Benefits described in Section F will be paid to you under the Normal Form.
  • If you are married on the date benefits begin, Retirement Benefits will be adjusted to provide a minimum survivor benefit and paid to you monthly for as long as you live. After your death, a minimum 60 percent of your monthly Retirement Benefit will be paid to your spouse for as long as he/she lives.

However, if the present value of your earned Retirement Benefit is not more than $1,000, the value of your Retirement Benefit will be paid to you in a single sum in place of any other Retirement Benefits.

G-2 – What are the Optional Forms of Retirement Benefits?

Examples of the Optional Forms of Retirement Benefits include but are not limited to the following:

  • A monthly income to you for as long as you live. If you die before the end of 10 years, payments will be made to your beneficiary to the end of that period.
  • A monthly income to you for as long as you live. If you die before total payments made equal your employee account on your retirement date, payments will be paid to your beneficiary until the total does equal that amount.
  • A monthly income to you for as long as you live. After your death, 60 percent, 75 percent, or 100 percent of your monthly income will be paid to a survivor you named for as long as the survivor lives. If you and your named survivor die before the end of 10 years, payments will be made to your beneficiary to the end of that period.

The actuarial value of each form is the same. However, the monthly benefit payable under each form is different because of the different death benefits payable. In general, a monthly income for as long as you live with no death benefits will give you the largest monthly income. A monthly income to you with 100% of your income paid to a survivor will give you the smallest monthly income of those options described above.

Remember that this benefit is subject to the 403(b) Offset described in the Introduction of this Summary.

NOTE: The benefit amounts will vary with your age and the age of your survivor. When you’re ready to choose, your employer’s personnel office or Pensions and Benefits USA can get exact quotes for you.

G-3 When may you choose an Optional Form of Retirement Benefit?

You may make your choice at any time before benefits begin, but no changes can be made after benefits begin. You may choose any Optional Form of Retirement Benefit. You may change or cancel your choice at any time before benefits begin. You should consult with your employer’s personnel office about any Optional Form you wish to choose. Plan provisions do not provide for changes to your beneficiary designation made on your retirement application.

Section H: What Death Benefits Are Paid

This Plan is intended to provide an income for your retirement years. However, death benefits are also available.

H-1 – Are any benefits payable if you die before you retire?

Your beneficiary will receive a single sum death benefit equal to your termination benefit as described in I-4. If you stop working before you reach your Normal Retirement Date, this benefit is still payable. Only if your termination of employment is for cause or if you take a single sum termination benefit will your beneficiary not be entitled to a death benefit.

In any case, the single sum death benefit will not be less than $500 nor less than the amount your employee account could provide.

You may choose your beneficiary. Your beneficiary may, for his/her own benefit, choose any available form of payment. Your beneficiary may make this choice at any time after your death and before benefits begin.

H-2 – What benefits are paid if you die after you retire?

Death Benefits are paid according to the Death Benefit (if any), payable under the form of Retirement Benefit you chose when you retired.

Section I: What You Get if You Become an Inactive Member


I-1 – Will you still get benefits from the Plan if you’re an inactive member?

Yes. You will always get the amount of benefit your employee account would provide. In addition, if your Vesting Percentage is greater than zero, you will get a percentage of the amount, if any, by which your Earned Benefit exceeds the amount provided by your employee account. This percentage is your Vesting Percentage. This amount is your Vested Benefit. This benefit cannot be taken from you. Only if your Vesting Percentage is zero, will you fail to get any additional benefits. However, if you die before retirement, the only benefits payable will be those described in Section H.

I-2 – How is your Vesting Percentage determined?

Your Vesting Percentage is determined by your years of Vesting Service and is determined as of the date you stop working.

Your Vesting Percentage is determined from the following schedule:

  Years of Vesting Service Percentage
  Less than 3 0
  3 20
  4 40
  5 60
  6 80
  7 or more 100

In any event, your Vesting Percentage will be 100 percent on the date you reach age 60 if you are still working on such date.

If you were covered under the Plan on December 31, 1986, your Vesting Percentage will not be less than it was on that date.

I-3 – How is Vesting Service determined?

Vesting Service is the sum of the following:

  • Your service before January 1, 1961; and
  • Your Periods of Continuous Service after January 1, 1961.

A Period of Continuous Service starts on your date of hire. It ends on the date you are discharged or quit.

If you worked for one or more local Nazarene churches, Nazarene districts, or Nazarene church agencies before coming to work for a participating employer, that service will count as Vesting Service if there was no more than a 12 month break in service between employment with the local churches, districts, or agencies. An exception to this requirement may apply if the break was due to qualifying military service.

I-4 – If you remain an inactive member, when may you get your benefit?

Payment of your Vested Benefit will begin on your Normal Retirement Date (see D-1). Your Vesting Percentage will be determined as of the date you stop working for a participating employer. If you meet the requirements in D-2, you may have payment of your Vested Benefit start on your early retirement date. However, payments will be reduced by the percentage from the table in F-3. If you are inactive because you are no longer an eligible employee, but are still working for the Plan Sponsor, your Vested Benefit will begin on your late retirement date (D-3). Payments will be increased by the percentage from the table in F-4. If you became an inactive member after your Normal Retirement Date, your Earned Benefit as of your Normal Retirement Date will be increased by the percentage, but payments will not be less than your Earned Benefit as of the date you became an active member. At the time you wish payments to begin, notify your employer’s personnel office of your current address.

This is the amount payable under the Normal Form. The actual amount of your monthly payments will depend on the amount of your Vested Benefit, your age, the age of your survivor, and the Optional Form chosen. See Section G which describes how Retirement Benefits are paid.

I-5 – Is your Vested Benefit paid only at retirement?

If you stop working for a participating employer and the value of your Vested Benefit is not more than $1,000, the value of your Vested Benefit will be paid to you in a single sum in place of any other benefit from your Vested Benefit.

If you stop working for a participating employer, you may choose to get your employee account in a single sum. If you make this choice, it will be the only benefit you will get from the Plan.

Section J: Other Facts You Need to Know


J-1 – Can your benefits be paid to someone else?

Benefits under the Plan cannot be transferred, assigned, or pledged, except in the case of a Qualified Domestic Relations Order (QDRO).

J-2 – Do your payments from this Plan affect your Social Security benefits?

No. Your benefits from this Plan are in addition to your benefits from Social Security. You should make  application for Social Security (and Medicare) benefits three months before you wish Social Security benefits to begin.

J-3 – How do you make a claim for benefits under the Plan?

Apply for benefits with your employer or Pensions and Benefits USA. You will need to complete all necessary forms and supply needed information, such as the account number for electronic funds transfer (EFT). Your employer’s personnel office or Pensions and Benefits USA will assist in providing and completing these forms.

Your claim will be reviewed and a decision made within 90 days. In some cases the decision may be delayed for an additional 90 days. If so, you will be notified in writing of the delay and the reason for the delay.

If your claim is approved for payment of a monthly benefit, you will be notified in writing stating the years credited and the amount of your benefit. You will be given the opportunity to change your benefit election and to have your benefit electronically deposited into your bank account.

If you make a claim and all or part of it is refused, you will be notified in writing. You will be told (1) why your claim was refused; (2) the specific provisions of the Plan governing the decision; (3) what additional information is needed, if any; and (4) what steps you should take if you wish to have your claim denial reviewed.

J-4 – What can you do if your claim is refused?

You have 90 days after you receive written notice that your claim is refused to make a written appeal to your Plan Administrator—Pensions and Benefits USA. You or your representative may also review Plan documents and submit issues and comments in writing. A decision will be made on your appeal within 90 days. In some cases the decision may be delayed for an additional 90 days. If so, you will be notified in writing of the delay and the reason for the delay. The Plan Administrator has the right to interpret the provisions of the Plan.

J-5 – Can the Plan be changed or discontinued?

The Plan can be changed at any time. You will be notified of any changes that affect your benefits. The Plan is designed to safeguard your interests. It is intended that the Plan will be continued, but it may be changed or terminated.

J-6 – What happens if the Plan is terminated?

If the Plan should terminate, the full amount in your employee account will be used to provide a Retirement Benefit for you. The Plan assets over and above employee accounts will be used on a priority basis to provide retirement income for all vested Plan participants. Specific terms are contained in the Plan document that is available from your employer’s personnel office or Pensions and Benefits USA.

CONVERSION FACTORS TO DETERMINE GENERAL
CHURCH PLAN 403(b) OFFSET IN 2013

(Factor should be divided into 403(b) accumulaitons to provide monthly
annuity offset at age 65* on 10 years certain & life basis)
*Or at actual age if older than 65

Age of
Participant**

Convervion
     Factor     
Age of
Participant**
Conversion
     Factor    
Age of
Participant**
Conversion
     Factor    
20 12.60 45 48.04 65 140.16
21 13.29 46 50.68 66 137.53
22 14.02 47 53.47 67 134.87
23 14.79 48 56.41 68 132.19
24 15.61 49 59.51 69  129.51
             
25 16.46 50 62.78 70 126.85
26 17.37 51 66.24 71 124.20
27 18.33 52 69.88 72 121.60
28 19.33 53 73.72 73 119.05
29 20.40 54 77.78 74 116.56
            
30 21.52 55 82.06 75 114.16
31 22.70 56 86.57 76 111.84
32 23.95 57 91.33 77 109.63
33 25.27 58 96.35 78 107.54
34 26.66 59 101.65 79 105.57
            
35 28.12 60 107.24 80 103.75
36 29.67 61 113.14 81 102.08
37 31.30 62 119.37 82 100.56
38 33.02 63 125.93 83 99.22
39 34.84 64 132.86 84 98.03
            
40 36.76        
41 38.78        
42 40.91        
43 43.16        
44 45.53        

**Age nearest birthday on date of determination

Actuarial Assumptions:

  1. Mortality Table (after age 65) - 1971 IAM (-1,-1)
  2. Mortality Table (before age 65) - None
  3. Interest Rate - 5.5%, compounded annually
  4. Unisex Assumptions: 65% Male, 35% Female
  5. Annuity Form - 10 Years Certain & Life

 

More Information ...

 

Pension Application)

 

Change of Address Form

 

Electronic Funds Transfer Form