Regular Pension | Employee Benefit Funds

To Receive a Regular Pension You Must:

Work in Covered Employment until at least age 65
Be vested

Your Regular Pension benefit will be calculated using the monthly benefit rate in effect on the date you separated from Covered Employment. You will be considered to have separated from Covered Employment on your last day of Covered Employment which is followed by the earlier of:

1.) a One-Year Break in Service or

2.) the first day of the month as of which your pension becomes payable, whichever is sooner.

Participants receiving a Regular Pension will receive the following monthly amount for each full Pension Credit earned, up to a maximum of 25 Pension Credits:
If Your Last Day of Covered Employment Was Between:	Your Basic Amount per Pension Credit Will Be:	Your Basic Maximum Monthly Amount Will Be:
7/1/1995 and 6/30/2003	$30.00	$750.00
7/1/2003 and 6/30/2004	$34.00	$850.00
7/1/2004 and 6/30/2005	$38.00	$950.00
7/1/2005 and 12/31/2018	$40.00	$1,000.00
On or after 1/1/2019	$60.00	$1,500.00

Example: If you are 65 and have earned 22 Pension Credits and wish to retire on a Regular Pension in 2018, your benefit per month would be:
$40.00 x 22 = $880.00 per month

Example: If you are 65 and have earned 22 Pension Credits and wish to retire on a Regular Pension in 2019 after having worked in Covered Employment on or after 1/1/2019, your benefit per month would be:
$60.00 x 22 = $1320.00 per month

Request a complete listing of Pension rates and their effective dates.

Supplemental Pension Amounts

Participants leaving Covered Employment after July 1st, 2001 – who did not retire before that date – earn an additional Pension benefit equal to $20 for each full Pension Credit in excess of 25, up to a maximum of 40 pension credits.

Participants leaving Covered Employment after July 1st, 2019 – who did not retire before that date – earn an additional Pension benefit equal to $60 for each full Pension Credit in excess of 25, up to a maximum of 40 pension credits.

Example: If you are 65 and have earned 40 Pension Credits and wish to retire on a Regular Pension in 2018, your benefit per month would be:
Basic Pension Amount: $40 x 25 = $1,000
– plus –
Supplemental Pension Amount: $20 x 15 = $300
= $1,300 total per month

Example: If you are 65 and have earned 40 Pension Credits and wish to retire on a Regular Pension in 2019 after having worked in Covered Employment on or after 1/1/2019, your benefit per month would be:
Basic Pension Amount: $60 x 25 = $1,500
– plus –
Supplemental Pension Amount: $60 x 15 = $900
= $2,400 total per month

Supplemental Pension Amounts are available to all pension types except the Age and Service Pension.