Teammate Handbook Cover

55 3 percent @

R E T I R E M E N T F O RMU L A S A N D B E N E F I T F A C TO R S 3% at 55 Benefit Factors The chart below shows how the benefit factor increases for each quarter year of age from 50 to 55, and the required years of service to reach your maximum percentage allowed by law.

3% at 55 Benefit Formula Minimum Age for Retirement 50

Age at Retirement

Benefit Factor

Years Needed to Attain 90%

50

2.400%

37.500

50 ¼ 50 ½ 50 ¾

2.430%

37.037

2.460%

36.586

2.490%

36.145

51

2.520%

35.715

51 ¼

2.550%

35.295

51½

2.580%

34.884

51 ¾

2.610%

34.483

52

2.640%

34.091

52 ¼ 52 ½ 52 ¾ 53 ¼ 53 ½ 53 ¾ 54 ¼ 54 ½ 54 ¾ 53 54

2.670%

33.708

2.700%

33.334

2.730%

32.967

2.760%

32.609

2.790%

32.258

2.820%

31.915

2.850%

31.579

2.880%

31.250

2.910%

30.928

2.940%

30.613

2.970%

30.303

55 or older

3.000%

30.000

46

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