Your Annuity Benefit
The Annuity Benefit is designed to be an additional retirement benefit, which has no effect upon your pension benefit (unless you have a defaulted Loan and there is not enough money in your Annuity account to cover it, in which case the monies will be deducted from your pension). This benefit is provided only for participants whose Employers make annuity contributions. This currently includes all participants in Class I, II, III, IV and V.
The Additional Benefit Accumulation Account (more commonly called your “Annuity Account” or “Annuity Benefit”) is a hybrid account-based benefit that is part of the same “defined benefit” pension plan as your Accrued Monthly Pension. The rules on status as an Active Participant, becoming an Inactive Participant, vesting, and retirement eligibility for the Accrued Monthly Pension and retirement and suspension of benefits also apply to the Annuity Benefit. The basic differences between the Annuity Benefit and Accrued Monthly Pension are as follows:
- Payment of Annuity benefits on separation from service, as well as retirement,
- Calculation of benefit payment amounts, and,
- A lump sum payment option.
Annuity Balance Interest Rate is 2.98%.
The interest earned for the Plan year May 1, 2019 through April 30, 2020.
Key Words and Definitions
Annuity Plan FAQs
The interest earned on your Annuity balance for the Plan year May 1, 2019 through April 30, 2020 is 2.98%.
Annuity Statements are mailed once a year, usually around the end of July.
No. Participants are not permitted to make contributions to the Plan.
No, the loan program was discontinued as of June 1, 2004.