Monthly Benefit

This plan is a “defined benefit plan” which means you earn a monthly income for life. The amount of that income is determined primarily by the number of years you work for a signatory employer and the number of hours you work in each of those years. The more you work and the longer you work, the larger your monthly income will be. The monthly benefit earned each year is determined by a formula that multiplies the contributions made on your behalf for a given year by a benefit factor. The benefit factor converts these contributions into a monthly benefit. When you retire, your total monthly benefit is determined by adding the monthly benefit earned each year during your career in covered service (please see Future Service and Benefit Statements).