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Pension Calculator. The amounts shown above are subject to research and verification upon the filing and approval of a Pension Application.
The amount of your benefit is determined under plan calculations described in the Summary Plan Description. To learn more about your pension benefit or to ask questions about your eligibility, please call the Pension Department at 800-523-2846, option #2.
Pension Calculator Explanation - Teamsters. Listed below is a brief explanation of the Benefit options available to you: Single Life Pension with a Sixty Month Guarantee. You receive monthly payments for your lifetime, with a guarantee of 60 monthly payments.
This section explains how your retirement benefit is calculated if you decide to retire at age 65—the Plan’s normal retirement age—or later. If you retire later than age 65, your benefit is higher.
The Benefit Estimator calculates your pension so you know what to expect at retirement.
To calculate your employee and spouse pension amount, your life only pension amount is reduced to take into account benefit payments over both your and your spouse’s expected lifetimes—so, the age difference between you and your spouse impacts the calculation.
With the MyRetirement website, you will have the ability to estimate your pension benefits online 24 hours a day, 7 days a week! If you have an account balance in the Retirement Income Plan 1987, you will also have the ability to estimate how that account balance will grow over time at various investment return rates.
To calculate your contributory service benefit, you need to know the following: Total Covered Hours —How many covered hours did you work in a year? Pension Rate —What is your basic pension contribution rate during the year?
The amount it grows is easy to calculate, once you know these facts: What does your employer contribute, per hour, as specified in your contract; How many credited hours did you have for the year (many contracts do not include overtime hours, and have a 2,080 limit); Are you covered by “PEER 80” or 82 or 84 early retirement?
Participants in the Central PA Teamsters Retirement Income Plan (RIP) 1987 now have the ability to view their Retirement Income Plan account balances by accessing the Pension Calculator- My Retirement site. This is located in the Pension Fund section of the Central Pennsylvania Teamsters website.