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Market Value Adjustments
At retirement/termination, employees receive the Market Value of their share of the investment in the Fund. This is done by adjusting the Member's Credit by the value of the MVA at the time of retirement/termination. The Cost Factors shown below allow you to estimate what portion of your annual pension income could be sourced from your Fund monies. To the extent that the annual pension income that could be provided from your Fund is not sufficient to provide you with your Pension Income Target as determined by the better of the Minimum Benefit Formula or the Final Average Earnings formula, SRIP will make up the difference.
Please contact us to discuss your individual position in greater detail.
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Supplemental Retirement Income Plan
The SRIP (Supplemental Retirement Income Plan) may provide you with a monthly pension before age 65 as a bridge benefit until you are eligible for Old Age Security (OAS). In addition, you may also qualify for a lifetime SRIP pension based on your final average earnings as well as the number of years of service. The calculation for this pension is complex and involves several factors such as your age, years of service, final average earnings, interest rates/annuity factors and the MVA (Market Value Adjustment).
Please contact us to discuss your individual position in greater detail. Pension/Fund Cost Factors
**The cost factor reflects the purchase of $1 of pension income for a lifetime (with a minimum of at least 5 years payment) How to use the Cost Factor:MVA of Fund Money / Age Cost Factor = Estimated Annual Pension Income
Example
$166,588 / Age 55 Cost Factor ($14.913) = $11,170 Per Year
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