EXAMPLE ONE: For an employee of a group that joined the Fund before April 1, 2003. Len worked for a contributing employer that began contribut- ing before April 1, 2003. He retires at age 65 with 30 years of future service credit. His future service benefit will be based on the benefit values shown in the third column of Table Two on page 44. Based on the applicable hourly contribution rates shown below, Len’s monthly benefit is calculated as follows: 3 years of future $1.00 rate = 234.90 (3 x 78.30) service at 3 years of future $1.25 rate = 280.32 (3 x 93.44) service at 3 years of future $1.50 rate = 330.39 (3 x 110.13) service at 3 years of future $1.75 rate = 380.52 (3 x 126.84) service at Non-Standard Groups 3 years of future $2.00 rate = 427.29 (3 x 142.43) When your group first started participating in the Fund, there may service at have been an actuarial review of the characteristics of your group. The 3 years of future $2.25 rate = 474.09 (3 x 158.03) result of that review may have affected the level of your benefits under service at the Fund. If that happened, benefits for your group may have been ad- 3 years of future $2.50 rate = 517.80 (3 x 172.60) justed downward to a level that is less than the standard level of bene- service at fits. There are also other reasons why a group may be non-standard. A 3 years of future $2.75 rate = 561.42 (3 x 187.14) list of non-standard groups is shown in the chart on pages 42 and 43. service at If you earned credit in a non-standard group, please contact the Fund 3 years of future $3.00 rate = 602.19 (3 x 200.73) Office for additional information about your benefits. service at Maximum Years of Credited Service 3 years of future $3.25 rate = 642.87 (3 x 214.29) If you have 600 hours of service in 1994 or later, there is no max- service at imum number of years of credited service that is used in calculat- Total Service — $4,451.79 ing your pension benefit. Otherwise, a maximum of 30 years of 30 years credited service is used. The accumulated benefit of $4,451.79 is rounded to $4,452 per month. If the 30-year maximum applies to you and you have more than 30 If Len is not married when he retires, he will receive $4,452 for his years of credited service, the 30 years of service that produce the lifetime (and, if he is covered by the Default Schedule and dies before highest benefit will be used to calculate your pension. receiving 60 monthly payments, the balance of the payments attrib- If you have no hours of service under the National Pension Fund utable to his benefits earned before his RP Effective Date will be paid after January 1, 1991, the maximum years of credited service are to his designated beneficiary). This is the standard form of payment determined under the applicable prior plan. for participants who are unmarried when they retire. See page 20 for details. If Len is married when he retires or if he chooses some other If you work for a contributing employer that was accepted for par- form of payment, his benefit amount may be different — for example, ticipation with a limitation on benefits, or you are part of a merged it may be reduced to provide for survivor benefits. See page 19 for group with a limitation on benefits, the calculation of your pension details about the standard form of payment for married participants. benefit will be subject to that limitation. Here are two examples to show you how a normal pension is cal- Note: If Len earns any of his future service benefit after the date his group changes to Schedule B (see page 33), then the years he earns under Schedule culated. B will be calculated using the values shown on Table One. \\ How Much Will Your Pension Benefit Be? 12