Your Pension Amount

El monto de su pensión depende de distintos factores:

El tipo de pensión que elija
La opción de pago que elija
Los créditos para pensión obtenidos
Los años en que obtuvo los créditos
Los empleadores para los que trabajó

Tipos de pensiones

The Affiliates’ Pension Plan offers three types of pensions:

A Normal Pension, if you have reached age 65, and meet one of the following requirements:
- You’ve earned at least three years of current or vesting service;
- You’ve been a participant of the plan for 5 years; and/or
- You’ve earned at least 15 years of service credit with at least one year of current service
An Early Retirement Pension, if you are:
- At least age 50, if your age plus your number of service credits equals 80 or more (the Rule of 80); or
- At least age 55, with at least 10 years of current or vesting service, or at least 15 years of service credit with at least one year of current service
A Disability Pension, if you become totally and permanently disabled prior to age 65 and have at least 10 years of current or vesting service OR at least 15 years of service credit with at least one year of current service.

How You Calculate Your Benefit

The monthly pension amount you will receive is determined by your service credits and your “final average compensation.” Final average compensation is the average monthly compensation you were paid during the 36 consecutive months you were paid the highest amount.

To calculate your normal pension amount, multiply 2.5% of your final average compensation by your years of service credit. (If you have less than 10 years of service credit, a different percentage is used to calculate your pension amount. There are also different formulas if you last worked prior to January 1, 1999. See your Summary Plan Description for more information.)

If you retire before you reach age 65, your pension amount is calculated the same way as a normal pension, but it may be reduced to account for the extra time benefits are being paid. If you meet the Rule of 80, your benefit will not be reduced.

For examples and much more detail on how to calculate your benefit, refer to your Summary Plan Description .

Want to see an estimate of your future pension benefit?

Since calculating your own benefit may be complicated, the Benefit Funds office can provide you with an estimate of your future pension benefit. Simply submit the Estimate Request form see all contributions made on your behalf to date, and/or to receive an estimate of your future pension benefit.

Sus opciones de pago

When it’s time to receive your pension, you’ll elect your payment option. If you decide to provide a monthly benefit for your spouse or other survivor in the event of your death, your overall pension amount will be reduced, based on your age and that of your spouse or survivor, to accommodate those extra payments. All options include a guaranteed payment of 36 times your monthly benefit amount.

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Your Pension Options

Pension Options

Straight Life Annuity

The Single Life Annuity is the standard option for single participants; it provides an unreduced monthly benefit for your lifetime. This option has a 36-month guarantee so if you die before the 36 payments have been made, your beneficiary will receive the remaining amount.

50% Spousal Pension
The standard option for married participants. If you die before your spouse, your spouse will continue to receive 50% of the amount you were receiving before your death.

Joint & Survivor Options
You may elect a 50% Joint & Survivor option to provide for a non-spouse beneficiary, or a 75% or 100% Joint & Survivor option for either a spouse or non-spouse beneficiary. If you die before your beneficiary, he or she will continue to receive either 50%, 75% or 100% of the amount you were receiving before your death, depending on your election.

Level Income Options
You can elect this option if you retire before the earliest date that you’re eligible for Social Security benefits. This option takes into account the money you’re estimated to receive from Social Security. You’ll receive a higher monthly benefit from when you retire until you are eligible for Social Security, and then a lower monthly benefit from that point forward, so when combined with your Social Security payments, the total should equal – or be level with – what you were initially receiving.

Lump Sum Options
You will automatically receive your pension benefit as a single lump sum if your pension amount is $5,000 or less. You can also elect to receive your benefit as a single lump sum if your pension amount is between $5,001 and $10,000. In addition, you can elect to take part of your pension as a partial lump sum payment (which can be taken in 1% increments, from 5% to 30%) and then elect a second option to receive the remainder of your pension.

For more information on all of these options, refer to your Summary Plan Description

Si se casa o divorcia

If you marry before you retire: You will receive a 50% Spousal Pension unless you elect another payment option. You will receive a 50% Spousal Pension only if you have been married at least one year. If you have not been married for at least one year, the 50% survivor’s benefit will not be paid.
Si se casa después de jubilarse: Sus beneficios de pensión no se ven afectados porque no puede cambiar su forma de pago después de haber comenzado a recibirlos.
Si se divorcia antes de jubilarse: El Plan lo considerará una persona soltera, a menos que exista una Orden Calificada de Relaciones Domésticas (QDRO).
Si se divorcia después de jubilarse: Por lo general, la forma de su beneficio de pensión no cambiará, a menos que exista una Orden Calificada de Relaciones Domésticas.

SEIU Affiliates' Officers and Employees Pension Plan

Your Pension Amount

Sus opciones de pago

Your Pension Options

Si se casa o divorcia