Christian School Pension Plan and Trust Fund

Size: px
Start display at page:

Download "Christian School Pension Plan and Trust Fund"

Transcription

1 Christian School Pension Plan and Trust Fund Changes to the CSI Pension Plan March 2018

2 INSIDE A Summary of Plan Changes 3 Facing Challenges as a Community 4 Hard Freeze of the Plan Effective September 1, Soft Freeze of the Plan Effective June 30, Post-Freeze School Contribution Level 9 Post-Freeze Contribution Allocation Method 12 Related Plan Amendments 13 Benefit Examples 14 In Closing 16 Save the Date We will be holding webinars on April 18, 2018, to discuss these important changes, followed by a question period. Heads of School and administrators will receive an invitation to distribute to participants and board members. 2 Christian School Pension Plan and Trust Fund

3 A Summary of Plan Changes This newsletter summarizes several significant changes to the CSI Pension Plan (the Plan) that affect all participating schools and plan participants who are currently accruing benefits. After reviewing recommendations from the Board of Trustees of the Plan (Plan Trustees) in February this year, the CSI Board of Trustees (CSI Board) made the following decisions: 1. There will be no new benefit accruals in the Plan on and after September 1, This is called a hard freeze. 2. There will be no new enrollments in the Plan after June 30, This is called a soft freeze. 3. Contributions payable by all participating schools will be set at a total annual amount of $16 million for the plan year starting September 1, 2019, with a five percent increase applied in each subsequent year. 4. Each participating school s portion of the total annual contributions starting on September 1, 2019, will be based on the school s total contributions to the Plan over the 25 plan years ending on August 31, 2017, in proportion to the total of all contributions of currently participating employers for these same 25 plan years. 5. Other provisions in the Plan that are affected by the hard freeze will be updated, as applicable. Each of the decisions above is explained in more detail in the following pages, along with related questions and answers. The total annual contributions and each school s share are subject to periodic review and changes. Attention all retirees! These amendments will not stop or change your pension payments. Changes to the CSI Pension Plan 3

4 Facing Challenges as a Community As we have shared with you before, the Plan was created and designed to be a community plan. In God s design, he created people to be in community. So it seems appropriate that the decision to stop further benefit accruals in the Plan through the hard freeze has also been informed by community feedback. Gathering ideas and opinions from all participating school communities was the central purpose of the feedback process that we started last fall. We extend our sincere thanks to everyone who got involved and provided input. As your Plan Trustees, we read every feedback form and took your comments and concerns very seriously. Although we believe strongly that input from school communities is essential for these decisions, the burden of making the recommendations lies with us, and the burden of making the final decisions lies with the CSI Board. We assure you that these responsibilities have not been taken lightly. Many hours of careful deliberation and prayerful consideration were part of this process. All Plan Trustees are also part of the CSI community, and most of us know first-hand the challenges and joys of operating a school. Because of that, we appreciate that not everyone will support these changes. 4 Christian School Pension Plan and Trust Fund Many of you will wish the changes were different in some respect or another. In your feedback, we heard that you value the Plan and how participants have been planning their futures around the security of a lifetime pension. Even among those who supported a hard freeze, there was a sense of mourning for a plan that has such a noble purpose. We also heard about strained school budgets and deeply held concerns that any further increase in contributions to the Plan would lead to matching increases in tuition and then to declining enrollment and possibly school closures. We heard from schools that had only recently joined the Plan who felt that the contribution burden placed on them was unfair, and also from schools with a long history in the Plan but with declining school populations, who also worried about the impact of the contribution allocation method. Trying to find a way forward that works for all schools has been very challenging. Each school s voice has been and continues to be important. We hope that we have found the most appropriate solution among the options available to us, which reflects the collective input of CSI participating schools.

5 Hard Freeze of the Plan Effective September 1, 2019 What is it? A hard freeze stops the accrual of new benefits as of the effective date, September 1, 2019 (the freeze date ). Why is this happening? Where we started In 2017, a report by the CSI Pension Task Force 1 recommended that CSI implement a hard freeze of the Plan and introduce a CSI group defined contribution plan (DC Plan). Following that report, in late 2017, we provided communications explaining how a hard freeze along with a CSI group DC Plan could be compared to continuing the existing Plan in terms of benefits, contributions, the probability of needing excess contributions, and other factors. We invited school communities to review this information and provide feedback. The feedback showed that the majority of schools supported a hard freeze of the Plan (103 out of 110 responding employers). The goal of reducing risk over time The combined feedback also revealed that the majority of schools no longer want to be exposed to the investment risk and longevity risk of a defined benefit pension plan (DB plan). Looking forward, that goal can be achieved by the hard freeze and by introducing a CSI group DC Plan the most common alternative to a DB plan. However, the DB obligations made to date under the Plan cannot be reduced. As a result, the only solution that will reduce the investment risk and longevity risk of those obligations over time is to build an overfunding surplus through ongoing contributions that exceed annual plan expenses. How does this change affect participants? Under a hard freeze, the Plan continues to operate, except that: Active participants and participants on disability leave 2 will stop earning new benefits under the Plan starting on the freeze date; Active participants will retain the benefits they accrued prior to the freeze date; pensions being paid to retirees and beneficiaries will continue; and inactive participants will retain their rights to the benefits they have accrued; Active employment with a participating school after August 31, 2019, will count toward vesting for participants who have not yet met the vesting requirements; and Participants cannot make contributions to the Plan on or after the freeze date (however, schools will continue to contribute). How does this change affect schools? Each participating employer will continue to contribute to the Plan on and after September 1, For information about the work of the Task Force, see the November 2017 newsletter on the CSI website at under Employee Benefits > Benefits for Participants > US Pension > Publications. 2 Currently, the Plan includes a provision that has pension benefits continuing to accrue for participants on disability leave (with no associated contributions) based on their salary when they became disabled. (continued on next page) Changes to the CSI Pension Plan 5

6 Hard Freeze of the Plan Effective September 1, 2019 continued Q&As Q: As a participant, how will I know how much I will receive from the Plan after the hard freeze takes effect? A: Your annual pension Status Report that you receive each December shows your Pension Earned to Date. That s the annual pension you can receive at age 65, based on your participation in the Plan up to the date indicated on the Status Report, if you don t have a spouse on your retirement date. If you have a spouse when your pension starts, your pension will be payable as a joint and survivor benefit, unless you and your spouse elect otherwise. This means your pension amount is reduced in order to pay for the survivor benefit to your spouse, although the total value stays the same. You can also obtain a retirement estimate by visiting and choosing Retirement Calculator US from the right navigation panel. You will reach the Benefits Portal where you can log in with your username and password to run a retirement calculation. The Benefits Portal will be updated to incorporate the hard freeze by September 1, If you re new to the Plan so that you haven t yet received a Status Report, or if you need help using the online Retirement Calculator, please contact Brenda Addie by at brendaaddie@csionline.org or call , ext 227 (toll-free), or direct at Q: What if I want to start my pension before age 65? A: If you terminate employment, you can choose to start your pension as early as age 55; however, it will be reduced compared to the amount shown as your Pension Earned to Date on your Status Report. The reduction to an early retirement pension is applied because the pension will be paid over a longer period of time. Q: My Status Report also shows a projected estimate of benefits at a future date is that estimate still valid? A: In most cases, no. If your 65 th birthday is later than September 1, 2019, any estimates of projected benefits shown on your Status Report that are at a date later than September 1, 2019, are no longer valid because of the hard freeze. The Status Report you receive after September 1, 2019, will show your pension earned up to the freeze date, which generally will remain fixed at that amount. We will no longer show a projected estimate beyond the freeze date. Q: What s the difference between the DB plan we have now and a DC plan? A: In a DC plan, such as a 401(k) or 403(b) plan, there is no formula that defines a pension. Each participant has a tax-deferred 3 personal investment account (DC account) in the plan. The amount of retirement income from a DC account depends on how much is contributed over time and the net investment return. At retirement, the balance can remain in the DC account or be transferred in a lump sum into an individual retirement account (IRA). Then, the retiree would draw income from the DC account or IRA over time. The retiree must decide how much to withdraw each year and how much to leave invested (and which investments to select) to ensure the money lasts for the retiree s lifetime. Under some plans, the DC account balance can be withdrawn from the plan and used to buy an annuity from an insurance company (an annuity operates like a pension). Please refer to the November 2017 newsletter for a comparison table showing the differences between a typical DB plan and a DC plan. You can find the newsletter on the CSI website at under Employee Benefits > Benefits for Participants > US Pension > Publications. 3 This means any net investment gain is not taxed while the money remains in the account. (continued on next page) 6 Christian School Pension Plan and Trust Fund

7 Hard Freeze of the Plan Effective September 1, 2019 continued CSI Group DC Plan Coming Soon Q: When the freeze date occurs, can I receive my benefits from the Plan while still working? A: No. These changes do not affect how and when participants can receive their retirement benefits. The current plan provisions continue, so upon termination of employment, participants who are age 55 or older can start a pension. Q: Under the hard freeze, if I retire and start receiving a pension from the Plan and then decide to return to work at a participating school, what happens to my pension payments once I return to work? A: Once your pension has started, if you return to work half-time or more at a participating school, your pension payments from the Plan would be suspended during your period of re-employment. You would not accrue new benefits in the Plan while re-employed because the Plan would be frozen. This provision is not new it will continue to apply after the hard freeze. Although no new benefits will be accruing, if the provision was removed, it would increase the liabilities of the Plan, which is contrary to the objective of reducing risk. The CSI Pension Task Force recommended that CSI establish a group DC Plan. The CSI Board has engaged members of the Task Force to establish such a plan, with the goal of it being available by late summer Any CSI member school in the U.S. will have the option to voluntarily participate in the CSI group DC Plan, whether or not that school is now a participating employer in the current Plan. Group DC plans, such as the one that will be offered through CSI, offer the following key advantages: Lower Fee Structure Due to economies of scale, a larger pool of participants and a larger pool of assets generally have a lowering effect on fees for both employers and participants. Better, More Efficient Participant Education Plan education can best be designed and distributed on a group basis and can be provided more cost effectively when the expense is shared among all the participating schools. Reduced Fiduciary Risk The fiduciary risk of selecting and monitoring plan investments, and compliance with ERISA and other complicated tax rules, shifts away from the school and its leadership (who would otherwise be ERISA fiduciaries with personal liability for these tasks). Shared Retirement Plan Administration The likelihood of complex legal requirements being satisfied in the daily administration of the DC Plan would be increased through shared administration. Elimination of Individual School Plan Audits and Form 5500 Filings This could result in significant expense savings for schools collectively. Also, efforts are underway in Congress to encourage defined contribution Multiple Employer Plans (MEPs) because research shows that employees of small employers without plans are far less likely to save for retirement. MEPs have been viewed as one way to overcome the barriers that tend to discourage small employers from offering plans, which include cost, complexity, and insufficient staff hours to implement such plans. Look for more information to come as details of the CSI group DC Plan are finalized. Changes to the CSI Pension Plan 7

8 Soft Freeze of the Plan Effective June 30, 2018 What is it? Under a soft freeze, new employees are not enrolled after the effective date, while existing participants continue to accrue benefits. Why is this happening? In the feedback, schools expressed concerns about enrolling new employees in the Plan for only one year (assuming that the Plan was going to be hard frozen on September 1, 2019). How does this change affect participants? This change will not affect current participants in the Plan. It affects only new hires after June 30, 2018, who do not already have benefits in the Plan. How does this change affect schools? Schools will no longer enroll new employees in the Plan starting July 1, 2018, if those employees do not already have benefits in the Plan (i.e., from previous employment at a participating school). Q&As Q: As a current participant, if I transfer to another school after the soft freeze date, what happens to my participation in the Plan? A: If you transfer to a participating school before September 1, 2019, you continue to participate in the Plan and accrue benefits and vesting service. However, on September 1, 2019, all active participants and participants on disability leave will stop accruing new benefits in the Plan. Q: If an employee is hired before July 1, 2018, will they still join the Plan? A: Yes. The provisions regarding enrollment stay the same up to and including June 30, Christian School Pension Plan and Trust Fund

9 Post-Freeze School Contribution Level What is it? The CSI Board has established the total contributions to the Plan starting on the freeze date of September 1, 2019, at $16 million per plan year, with a built-in increase of five percent per year. Why is this happening? In simplest terms, a post-freeze contribution level must be set because contributions to the Plan are still necessary under a hard freeze (see the Q&As). Contributions can no longer be determined in relation to the salaries of participants who are accruing benefits because benefit accruals will stop. Also, as we reported in the November 2017 newsletter, the Task Force and the Plan Trustees agreed on the following criteria that should be considered in setting contributions for the Plan: 1. It is crucial for the Plan to avoid excess contributions arising. If excess contributions become payable, they would represent a severe financial strain on most schools and tax penalties could grow rapidly. 2. It is equally essential to avoid PBGC action toward the Plan. If excess contributions did arise, and any schools were unable to pay their portion of the required amounts, the Plan would likely draw the attention of the PBGC, which has the power to declare an involuntary termination of the Plan. The outcomes of an involuntary termination would likely be very negative for schools. 3. Contributions should be set at an affordable level for schools, to the extent possible, keeping points 1 and 2 in mind. In their report, the Task Force stated that a hard freeze would help make contributions more affordable for schools because it would eliminate one element of total contributions the amount needed to pay for new benefit accruals. How does this change affect participants? This decision does not impact participants entitlement to benefits. How does this change affect schools? Starting on the freeze date, each participating school will pay a portion of the total contributions, on a monthly basis during the plan year, according to the allocation method (see page 12). Contributions will no longer be based on a percentage of salaries. The contribution add-on that is in effect for and will end on September 1, Q&As Q: Why do schools have to contribute to the Plan after the freeze date if no new benefits are being earned as of that date? A: The Plan continues to exist after the freeze date to pay current pensions and benefits that have accrued up to the freeze date. The participating schools remain responsible for the Plan under pension legislation. In addition, schools have told us that they no longer want the investment risk and longevity risk associated with a DB plan. The path to reducing that risk is to hard freeze the Plan and build an overfunding surplus through ongoing contributions that exceed annual plan expenses. The annual required contributions will pay the expenses for the Plan, including the premiums paid to the PBGC, which may soon approach $8 million per year. Expenses also include actuarial, legal, and pension consulting fees, and administration costs. Although paying the cost of new benefits will not be required, participating schools will be responsible for paying any contributions required under pension law (i.e., the IRS minimum contribution ). It is possible that the IRS minimum contribution for a year could be zero, so contributing only the plan expenses would be enough for that year. However, lower annual contributions such as an amount equal to expenses only over a long period would be expected to increase the likelihood of excess contributions in the future. As explained in our November 2017 newsletter, if excess contributions become payable, the required amount could be millions of dollars more than the current annual contributions for the ongoing Plan. To avoid a financial shock of needing high excess contributions in a single year or series of years, the Plan Trustees and CSI Board have determined a level of contributions starting after the freeze date that has the dual goals of covering the plan expenses and also reducing the probability of needing excess contributions. (continued on next page) Changes to the CSI Pension Plan 9

10 Post-Freeze School Contribution Level continued Q: Until the hard freeze takes effect on September 1, 2019, what will schools contribute to the Plan? A: For the plan year, the contribution add-on will remain the same as for the current plan year. Schools will pay this contribution add-on plus their plan level contributions, as applicable, under the Regular Plan or the Employer Contribution Plan. Q: Can a school drop down a plan level as of September 1, 2018? A: The provisions related to dropping down plan levels have not changed. Specifically, a plan change gave schools the option to choose to drop down one or two plan levels beginning September 1, If a school decided not to drop down a plan level on September 1, 2017, that school can still drop down one or two plan levels on September 1, A school that has dropped down one plan level will still have the option to drop down one additional plan level on September 1, The lowest plan level remains 2%. Schools can also increase a plan level. Starting September 1, 2019, plan levels will no longer be relevant in terms of determining contributions from participating schools the allocation method will determine contributions (see page 12). Probability of Excess Contributions Q: Will setting the level of contributions at $16 million per year with the five percent increase per year prevent the Plan from ever needing excess contributions? A: Our current studies show it does not eliminate the possibility of needing excess contributions in the future, but it makes progress toward lowering the probability over the short- to medium-term. There are many variables that could impact this possibility over time. The following table shows some of the contribution levels considered and the estimated probability of excess contributions under each scenario. The fourth row shows the selected post-freeze contribution level. You can see that even a significant change from $16 million to $23 million moves the probability by only 3% after five years and 16% after 15 years. Contribution Scenario Ongoing Plan with contribution add-on continuing for all years Elapsed Time 3 years 5 years 7 years 10 years 15 years 5% 14% 29% 40% 42% $10 million + 12% per year increase 5% 16% 31% 40% 32% $13 million + 5% per year increase 5% 15% 30% 39% 39% $16 million + 5% per year increase 5% 14% 25% 33% 30% $18 million + 5% per year increase 5% 13% 23% 30% 23% $20 million + 5% per year increase 5% 12% 21% 26% 18% $23 million + 5% per year increase 5% 11% 18% 21% 14% (continued on next page) 10 Christian School Pension Plan and Trust Fund

11 Post-Freeze School Contribution Level continued Q: After the freeze date, will schools need to contribute to the Plan forever? A: No. However, the exact period over which contributions will be required and any increase or decrease in the total contributions will depend on net investment returns; changes in PBGC premiums and other expenses; and plan experience (how many participants end employment, retire, and die each year). The longest possible period that participating schools could pay contributions under the Plan would be equal to the period of total pension payments paid to the longest-living participant of all the participants in the Plan on June 30, 2018 (because no one will be enrolled after that date). For example if the youngest participant was age 25 on that date, started a pension from the Plan at retirement age, then lived to age 95, contributions could be required for 70 years (and also for the life of the surviving spouse, if applicable). However, over time, the number of people who are eligible to receive benefits and who are actually receiving benefits will diminish. As a result, the Plan would probably reach a point at which the funded status would be high enough that the Plan could undergo a standard termination a formal, regulated process that transfers the assets in the fund to an insurance company so that annuities can be purchased to secure the remaining pensions for the lifetime of the remaining retirees (and surviving spouses, if applicable). Using our current data and the established post-freeze contribution level, at the 50 th percentile of projections, it appears that it will take about 18 years for the Plan to be fully funded on a termination basis (50th percentile means half the projections show a more favorable outcome and half show a less favorable outcome). Q: What will a school have to pay if it closes or if it merges with another school after the hard freeze? A: If a school were to close, the school would need to pay the withdrawal liability amount. Each school received a letter indicating this amount. If a participating school merges with another school after the hard freeze whether or not that other school is a CSI-affiliated school the new combined school could choose to either pay the withdrawal liability amount, or join CSI and pay the monthly hard freeze contributions. Pension legislation does not permit the obligations to the Plan to be discontinued via a merger. Changes to the CSI Pension Plan 11

12 Post-Freeze Contribution Allocation Method What is it? This is the method for dividing up the total contributions to the Plan, after the freeze date, among participating schools. Why is this happening? Currently, contributions are based on the salaries of participating employees, plus a contribution add-on. When no new benefits are being earned, it no longer makes sense to connect contributions to salaries, so another method must be used. How does this change affect participants? This decision does not impact participants entitlement to benefits under the Plan. How does this change affect schools? Each participating school s portion of the total annual contributions starting on September 1, 2019, will be based on that school s total contributions to the Plan over the 25 plan years ending on August 31, 2017, in proportion to the total of all plan contributions of currently participating employers for these same 25 plan years. The contributions are weighted to account for the reduced benefit accrual that began on September 1, Q&As Q: Why was August 31, 2017, chosen as the end date for calculating the allocation for each school? A: The end date of August 31, 2017, will be used because contributions after that date are impacted by recent plan provision changes leading up to the hard freeze. Q: Why was the period of 25 years chosen? A: The feedback we received requested that the method of allocating contributions should, to the extent possible, recognize the actual history of each school within the Plan. Although the Plan has been operating since 1943, we concluded that a 25-year look-back was the most appropriate time period to access relevant contribution history. Q: How will schools know how much their portion of the total contributions will be under the hard freeze? A: Each Head of School received a letter indicating the amount of their school s plan year contribution and how it was calculated. Q: Could the allocation method change in the future? A: Every school s proportion of total contributions will be adjusted if there is a change in the total number of schools that participate in the Plan. For example, there would be change if a school were to decide to pay the withdrawal liability and withdraw from the Plan. If needed, adjustments will occur once per year with advance notice. 12 Christian School Pension Plan and Trust Fund

13 Related Plan Amendments The CSI Board, at the recommendation of the Plan Trustees, approved several plan amendments that are related to the hard freeze of the Plan. Additional housekeeping amendments will also be made to bring the plan document in alignment with the amendments described in this newsletter. End of short-term disability benefit The Plan currently provides participants with a short-term disability benefit that is 75 percent of monthly salary for a maximum of five months after a four-week waiting period has been satisfied. This benefit will no longer be available for disability leaves where the onset of disability is on or after September 1, Benefits already in pay status on that date will continue until earlier of the date the individual returns to work or the date that he or she has received the maximum permitted benefit. End of contribution waiver during disability leave Currently, participants continue to accrue benefits under the Plan during an approved disability leave, but contributions are waived. Since no benefits will accrue on and after September 1, 2019 including for participants on disability leave there is no longer a need for a contribution waiver. Interest no longer credited on pre-tax contribution accounts Currently, interest is credited on all participant contribution accounts. However, for participants in the Employer Contribution Plan in which employers made both the participant and employer contributions this interest crediting will end starting on September 1, Interest will continue to be credited on contribution accounts for participants under the Regular Plan. This aligns with regulatory requirements for such accounts. End of the 200% special withdrawal privilege Currently, a participant who meets both of the following conditions is entitled to withdraw 200% of their contributions plus interest when terminating from the Plan instead of receiving a lifetime pension: 1. The participant was employed by a participating school when the school first joined the Plan, and the school joined the Plan on or after September 1, The participant is continuously employed with the school until the participant s employment terminates after age 55 but before age 65, and the participant s benefits have not vested. This provision will be discontinued on September 1, 2019, for participants who terminate from the Plan on or after that date. Changes to the CSI Pension Plan 13

14 Benefit Examples The impact of the hard freeze will affect participants differently depending on how many years they have participated in the Plan. The following examples show the difference between the projected benefits that participants may have been expecting to receive at normal retirement and the estimated benefits they will receive now that the hard freeze will occur on September 1, To consider your own situation, refer to your Status Report. Example 1: Margaret Margaret will be age 65 on August 31, She expected to have 30 years in the Plan at retirement. She will have 27 years in the Plan at the hard freeze date. Her current average annual salary is $45,000. Her school is participating in the 5% plan. Service Period Details Projected Pension to Age 65 (30 years in the Plan) Pension up to the Hard Freeze Date (27 years in the Plan) Employee contributions: $29,000 x 5% x 13 = $18,850 $18, years with Multiplier for this period x 60% x 60% 60% multiplier Annual pension = $11,310 = $11,310 Employee contributions: $37,000 x 5% x 12 = $22,200 $22, years with Multiplier for this period x 50% x 50% 50% multiplier Annual pension = $11,100 = $11,100 2 years with Employee contributions: $42,000 x 5% x 2 = $4,200 $4,200 40% multiplier Multiplier for this period x 40% x 40% (to Sep 1, 2019) Annual pension = $1,680 = $1,680 Employee contributions: $45,000 x 5% x 3 = $6,750 N/A 3 years with Multiplier for this period x 40% N/A 40% multiplier Annual pension = $2,700 N/A Total Annual Pension $26,790 $24,090 Margaret s benefit for her first 25 years in the Plan remains the same. Benefits already earned cannot be reduced. The light purple area shows the impact of the hard freeze. If the Plan had continued, and Margaret stayed in the Plan to age 65, she would have retired with a pension benefit of $26,790 per year (assuming the salary adjustments as shown). After the hard freeze, Margaret s pension will be frozen at $24,090. The hard freeze results in a decrease in pension of $2,700 per year, or $225 per month. If Margaret wants to ensure that she will still have the same retirement income she was anticipating, she has three years to save enough to make up for the $225 per month that she will not be receiving from the Plan. Participation in a DC plan could help her achieve that goal. 14 Christian School Pension Plan and Trust Fund

15 Example 2: Graham Graham will be age 65 on August 31, He expected to have 30 years in the Plan at retirement. He will have 17 years in the Plan at the hard freeze date. His current average annual salary is $49,000. His school is participating in the 5% plan. Service Period Details Projected Pension to Age 65 (30 years in the Plan) Pension up to the Hard Freeze Date (17 years in the Plan) Employee contributions: $32,000 x 5% x 3 = $4,800 $4,800 3 years with Multiplier for this period x 60% x 60% 60% multiplier Annual pension = $2,880 = $2,880 Employee contributions: $37,000 x 5% x 12 = $22,200 $22, years with Multiplier for this period x 50% x 50% 50% multiplier Annual pension = $11,100 = $11,100 2 years with Employee contributions: $42,000 x 5% x 2 = $4,200 $4,200 40% multiplier Multiplier for this period x 40% x 40% (to Sep 1, 2019) Annual pension = $1,680 = $1,680 Employee contributions: $49,000 x 5% x 13 = $31,850 N/A 13 years with Multiplier for this period x 40% N/A 40% multiplier Annual pension = $12,740 N/A Total Annual Pension $28,400 $15,660 Graham s benefit for his first 15 years in the Plan remains the same. Benefits already earned cannot be reduced. The light purple area shows the impact of the hard freeze. If the Plan had continued, and Graham stayed in the Plan to age 65, he would have retired with a pension benefit of $28,400 per year (assuming the salary adjustments as shown). After the hard freeze, Graham s pension will be frozen at $15,660. The hard freeze results in a decrease in pension of $12,740 per year, or about $1,062 per month. If Graham wants to ensure that he will have the same retirement income he was anticipating, he has 13 years to save enough to make up for the $1,062 per month that he will not be receiving from the Plan. Participation in a DC plan could help him achieve that goal. Changes to the CSI Pension Plan 15

16 In Closing Making the decision to hard freeze the CSI Pension Plan was a difficult one, and we thank our school community for staying informed and providing feedback as we moved through the decision-making process. The Plan binds us together as a community of participating schools. We give thanks to God for the benefit the Plan has provided and continues to provide to our dedicated Christian school employees. We also remain optimistic that this sense of community will continue as we move forward with a CSI group DC Plan and look to continue to provide meaningful retirement benefits to those who serve in our Christian schools. God has promised to be faithful and his love for us never fails. We thank you for your prayers, and will continue to lean on God for guidance as we continue our best efforts to balance stewardship of God s resources, care for our communities, concern for our governing boards, and providing for our dedicated participants. Questions? If you have any questions, please contact Howard Van Mersbergen, vice president of employee benefits, at , ext 226, or hvanmersbergen@csionline.org. For details about the Christian School Pension Plan, visit the Employee Benefits website: and choose US Pension. 16 Christian School Pension Plan and Trust Fund

CSI PENSION TASK FORCE RECOMMENDATION AND REPORT. September 2017

CSI PENSION TASK FORCE RECOMMENDATION AND REPORT. September 2017 CSI PENSION TASK FORCE RECOMMENDATION AND REPORT September 2017 CSI PENSION TASK FORCE RECOMMENDATION AND REPORT Executive Summary The CSI Pension Task Force ( TF ) recommends the following: 1. The CSI

More information

PHILLIPS 66 RETIREMENT PLAN

PHILLIPS 66 RETIREMENT PLAN PHILLIPS 66 RETIREMENT PLAN Retirement Plan of Conoco This is the summary plan description ( SPD ) for the Retirement Plan of Conoco ( plan ), and provides an overview of certain terms and conditions of

More information

My retirement, March 18 April 15, Explore Compare Choose. Retirement Choice Decision Guide For Johns Hopkins University Support Staff

My retirement, March 18 April 15, Explore Compare Choose. Retirement Choice Decision Guide For Johns Hopkins University Support Staff My retirement, Retirement Choice Decision Guide For Johns Hopkins University Support Staff March 18 April 15, 2011 Explore Compare Choose You need to make an important decision regarding your retirement

More information

PHILLIPS 66 RETIREMENT PLAN

PHILLIPS 66 RETIREMENT PLAN PHILLIPS 66 RETIREMENT PLAN Phillips Retirement Income Plan This is the summary plan description ( SPD ) for the Phillips Retirement Income Plan ( plan ), and provides an overview of certain terms and

More information

Retirement Plan of Conoco GALLUP, NEW MEXICO

Retirement Plan of Conoco GALLUP, NEW MEXICO Retirement Plan of Conoco GALLUP, NEW MEXICO The Painted Desert is in the Four Corners area within the Navajo Nation who have lived in the region for at least five hundred years. ROUTE 66 AT 35 31'25"N

More information

The Gates Group Retirement Plan. Doc. 2. Appendix K Participants. Summary Plan Description

The Gates Group Retirement Plan. Doc. 2. Appendix K Participants. Summary Plan Description The Gates Group Retirement Plan Doc. 2 Appendix K Participants Summary Plan Description Issued August, 2012 Reflecting Amendments Through April 1, 2012 EIN: 4-057401 PN: 333 THE GATES GROUP RETIREMENT

More information

Pension Plan of Newmont Stable Value Formula In This Section

Pension Plan of Newmont Stable Value Formula In This Section The Pension Plan is an employer-funded retirement plan that pays a defined benefit to eligible participants. The Plan includes two distinct benefit formulas. This section explains the Stable Value Formula.

More information

SUMMARY OF MATERIAL MODIFICATIONS TO THE UNIVERSITY OF NOTRE DAME EMPLOYEES PENSION PLAN

SUMMARY OF MATERIAL MODIFICATIONS TO THE UNIVERSITY OF NOTRE DAME EMPLOYEES PENSION PLAN SUMMARY OF MATERIAL MODIFICATIONS TO THE UNIVERSITY OF NOTRE DAME EMPLOYEES PENSION PLAN This Summary of Material Modifications describes recent changes made to the University of Notre Dame Employees Pension

More information

I m prepared for my retirement and my future. OhioHealth Cash Balance Retirement Plan. Summary Plan Description. Living OhioHealthy

I m prepared for my retirement and my future. OhioHealth Cash Balance Retirement Plan. Summary Plan Description. Living OhioHealthy I m prepared for my retirement and my future. OhioHealth Cash Balance Retirement Plan Summary Plan Description Living OhioHealthy i Table of Contents INTRODUCTION... 1 HIGHLIGHTS OF THE PLAN... 2 PARTICIPATING

More information

SUMMARY PLAN DESCRIPTION OF THE BRITISH AIRWAYS PLC PENSION PLAN (U.S.A.) AS IN EFFECT ON APRIL 1, 2014

SUMMARY PLAN DESCRIPTION OF THE BRITISH AIRWAYS PLC PENSION PLAN (U.S.A.) AS IN EFFECT ON APRIL 1, 2014 SUMMARY PLAN DESCRIPTION OF THE BRITISH AIRWAYS PLC PENSION PLAN (U.S.A.) AS IN EFFECT ON APRIL 1, 2014 December, 2014 TABLE OF CONTENTS WHAT IS THE BRITISH AIRWAYS PENSION PLAN... 1 ELIGIBILITY... 1 Eligibility

More information

Your Pension Benefits

Your Pension Benefits N I G P P Your Pension Benefits NATIONAL INTEGRATED GROUP PENSION PLAN Summary Plan Description 2007 WWW.NIGPP.ORG National Integrated Group Pension Plan Summary Plan Description The Plan, as restated

More information

Final Average Pay Component of the Pension Plan of Public Service Enterprise Group Incorporated. Summary Plan Description

Final Average Pay Component of the Pension Plan of Public Service Enterprise Group Incorporated. Summary Plan Description July 31, 2017 FAP-SPD Table of Contents Introduction... 1 Additional Resources... 1 Participation in the FAP Component... 1 Your Benefit under the FAP Component... 2 Receiving Your Benefit... 6 Applying

More information

SUMMARY PLAN DESCRIPTION

SUMMARY PLAN DESCRIPTION SUMMARY PLAN DESCRIPTION A Summary of Benefits for Employees who Retire, Become Disabled or Otherwise Terminate Participation After December 31, 2013 CONTENTS PAGE INTRODUCTION... 1 DEFINITIONS... 2 IMPORTANT

More information

Condell Health Network Retirement Plan

Condell Health Network Retirement Plan Earning for Today and Saving for Tomorrow Condell Health Network Retirement Plan (the Condell Pension Plan ) inspiring possibilities Condell Health Network Retirement Plan Participant Sumary Advocate Condell

More information

Presentation to the Jacksonville Pension Reform Task Force. David Draine The Pew Charitable Trusts TITLE GOES HERE.

Presentation to the Jacksonville Pension Reform Task Force. David Draine The Pew Charitable Trusts TITLE GOES HERE. Presentation to the Jacksonville Pension Reform Task Force David Draine The Pew Charitable Trusts TITLE GOES HERE Three Areas of Focus 1. Paying down Jacksonville s pension debt 2. Considering new plan

More information

THE JOHNS HOPKINS UNIVERSITY SUPPORT STAFF PENSION PLAN

THE JOHNS HOPKINS UNIVERSITY SUPPORT STAFF PENSION PLAN THE JOHNS HOPKINS UNIVERSITY SUPPORT STAFF PENSION PLAN SUMMARY PLAN DESCRIPTION FOR SUPPORT STAFF EMPLOYEES Amended and Restated, Effective July 1, 2016 The Johns Hopkins University Support Staff Pension

More information

SUMMARY PLAN DESCRIPTION of the RETIREMENT SECURITY PLAN as adopted by HOMEWORKS TRI-COUNTY ELECTRIC CO-OP

SUMMARY PLAN DESCRIPTION of the RETIREMENT SECURITY PLAN as adopted by HOMEWORKS TRI-COUNTY ELECTRIC CO-OP SUMMARY PLAN DESCRIPTION of the RETIREMENT SECURITY PLAN as adopted by HOMEWORKS TRI-COUNTY ELECTRIC CO-OP 23-026-002 The National Rural Electric Cooperative Association 4301 Wilson Boulevard, Arlington,

More information

YWCA Retirement Fund, Inc. Summary Plan Description

YWCA Retirement Fund, Inc. Summary Plan Description YWCA Retirement Fund, Inc. Summary Plan Description The Young Women s Christian Association Retirement Fund, Incorporated 52 Vanderbilt Avenue Sixth Floor New York, NY 10017-3808 Telephone: 212-922-9500

More information

SUMMARY PLAN DESCRIPTION

SUMMARY PLAN DESCRIPTION SUMMARY PLAN DESCRIPTION PENSION PLAN FOR HOSPITAL AND HEALTH CARE EMPLOYEES PHILADELPHIA AND VICINITY Sponsored by The Board of Trustees of The Pension Fund for Hospital and Health Care Employees Philadelphia

More information

AgriBank District Retirement Plan

AgriBank District Retirement Plan AgriBank District Retirement Plan (formerly known as The Seventh Farm Credit District Retirement Plan) Summary of Plan Provisions for Cash Balance Participants 2016 SUMMARY PLAN DESCRIPTION AgriBank District

More information

Lexmark Retirement Growth Account (RGA)

Lexmark Retirement Growth Account (RGA) Lexmark Retirement Growth Account (RGA) Lexmark Retirement Growth Account Plan (RGA)... 3 RGA Plan highlights... 3 Participation... 3 Funding... 4 How benefits are calculated... 4 Credits to your account...

More information

Board of Trustees and Fund Office UFCW Consolidated Pension Fund 1800 Phoenix Boulevard, Suite 310 Atlanta, GA

Board of Trustees and Fund Office UFCW Consolidated Pension Fund 1800 Phoenix Boulevard, Suite 310 Atlanta, GA UFCW CONSOLIDATED PENSION PLAN SUMMARY PLAN DESCRIPTION EMPLOYEES OF THE KROGER CO. JANUARY 1, 2012 EDITION Board of Trustees and Fund Office UFCW Consolidated Pension Fund 1800 Phoenix Boulevard, Suite

More information

DART EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST SUMMARY PLAN DESCRIPTION. June v /00002

DART EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST SUMMARY PLAN DESCRIPTION. June v /00002 DART EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST SUMMARY PLAN DESCRIPTION June 2017 TABLE OF CONTENTS Page INTRODUCTION... 1 HIGHLIGHTS... 2 ELIGIBILITY... 3 VESTING... 4 IMPORTANT DEFINITIONS...

More information

Diocese of San Diego

Diocese of San Diego Diocese of San Diego RESTATED PENSION PLAN FOR LAY EMPLOYEES SUMMARY PLAN DESCRIPTION FOR EMPLOYEES OF THE DIOCESE OF SAN DIEGO Effective January 1, 2008 Diocese of San Diego P.O. Box 85728 San Diego,

More information

Progress Energy Pension Plan

Progress Energy Pension Plan Document title: AUTHORIZED COPY Progress Energy Pension Plan Document number: HRI-SUBS-00018 Applies to: Keywords: Progress Energy Carolinas, Inc., Progress Energy Florida, Inc. (non-bargaining), Progress

More information

YOUR BENEFIT SUMMARY YOUR BENEFIT SUMMARY

YOUR BENEFIT SUMMARY YOUR BENEFIT SUMMARY YOUR BENEFIT SUMMARY YOUR BENEFIT SUMMARY BeneFlex DuPont Pension Employee Health and Insurance and Retirement Benefits Plan September July 2018 2018 About This Summary This Summary Plan Description (SPD)

More information

CITGO Petroleum Corporation Salaried Employees Pension Plan

CITGO Petroleum Corporation Salaried Employees Pension Plan CITGO Petroleum Corporation Salaried Employees Pension Plan Summary Plan Description as in effect January 1, 2009 In the event of any conflict between this Summary Plan Description (SPD) and the actual

More information

Preparing For Your Retirement YOUR NATIONAL ASBESTOS WORKERS PENSION PLAN

Preparing For Your Retirement YOUR NATIONAL ASBESTOS WORKERS PENSION PLAN Preparing For Your Retirement YOUR NATIONAL ASBESTOS WORKERS PENSION PLAN SUMMARY PLAN DESCRIPTION JANUARY, 2013 THIS BOOKLET APPLIES TO YOU IF YOU HAVE WORKED IN COVERED EMPLOYMENT AFTER DECEMBER 31,

More information

Timber Operators Council Retirement Plan & Trust Summary Plan Description

Timber Operators Council Retirement Plan & Trust Summary Plan Description Timber Operators Council Retirement Plan & Trust Summary Plan Description 91184532.7 0073962-00001 This booklet summarizes current provisions of the Timber Operators Council Retirement Plan and Trust (the

More information

SUMMARY PLAN DESCRIPTION FOR THE RETIREMENT PLAN FOR EMPLOYEES OF UNION PRESBYTERIAN SEMINARY

SUMMARY PLAN DESCRIPTION FOR THE RETIREMENT PLAN FOR EMPLOYEES OF UNION PRESBYTERIAN SEMINARY SUMMARY PLAN DESCRIPTION FOR THE RETIREMENT PLAN FOR EMPLOYEES OF UNION PRESBYTERIAN SEMINARY MAY 2014 TABLE OF CONTENTS Page 1. INTRODUCTION...1 2. OVERVIEW: HOW THE PLAN GENERALLY WORKS...2 Contributions...

More information

STEVENS INSTITUTE OF TECHNOLOGY NO. 660 PENSION PLAN SUMMARY PLAN DESCRIPTION

STEVENS INSTITUTE OF TECHNOLOGY NO. 660 PENSION PLAN SUMMARY PLAN DESCRIPTION STEVENS INSTITUTE OF TECHNOLOGY NO. 660 PENSION PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?...1 What information does this Summary provide?...1

More information

Defined Benefit Retirement Plan. Summary Plan Description

Defined Benefit Retirement Plan. Summary Plan Description Defined Benefit Retirement Plan Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every

More information

Your Defined Benefit (DB) Pension Plan. A resource for Members of Local 967 of the Canadian Union of Public Employees

Your Defined Benefit (DB) Pension Plan. A resource for Members of Local 967 of the Canadian Union of Public Employees Your Defined Benefit (DB) Pension Plan A resource for Members of Local 967 of the Canadian Union of Public Employees February 2007 Table of contents How does it work?... 3 When you join the plan... 3 Who

More information

SPECIAL RETIREMENT BENEFITS ANNOUNCEMENT FOR SALARIED EMPLOYEES WHO PARTICIPATE IN THE RETIREMENT PLAN OF INTERNATIONAL PAPER COMPANY

SPECIAL RETIREMENT BENEFITS ANNOUNCEMENT FOR SALARIED EMPLOYEES WHO PARTICIPATE IN THE RETIREMENT PLAN OF INTERNATIONAL PAPER COMPANY PAUL J. KARRE Senior Vice President Human Resources and Communications 6400 Poplar Avenue Memphis, TN 38197 February 27, 2014 SPECIAL RETIREMENT BENEFITS ANNOUNCEMENT FOR SALARIED EMPLOYEES WHO PARTICIPATE

More information

REGIONS FINANCIAL CORPORATION RETIREMENT PLAN FOR ASSOCIATES SUMMARY PLAN DESCRIPTION

REGIONS FINANCIAL CORPORATION RETIREMENT PLAN FOR ASSOCIATES SUMMARY PLAN DESCRIPTION REGIONS FINANCIAL CORPORATION RETIREMENT PLAN FOR ASSOCIATES SUMMARY PLAN DESCRIPTION August 2017 TABLE OF CONTENTS Part I - Introduction... 1 History of the Plan... 1 About this Summary Plan Description

More information

CONNECTICUT CARPENTERS PENSION FUND. Summary Plan Description

CONNECTICUT CARPENTERS PENSION FUND. Summary Plan Description CONNECTICUT CARPENTERS PENSION FUND Summary Plan Description (2016 Edition) The Summary Plan Description is no more than a brief general description written in nontechnical language and in conversational

More information

THE HOOPP HANDBOOK. A guide for HOOPP members and those eligible to join HOOPP

THE HOOPP HANDBOOK. A guide for HOOPP members and those eligible to join HOOPP THE HOOPP HANDBOOK A guide for HOOPP members and those eligible to join HOOPP CONTENTS WELCOME TO YOUR PENSION PLAN 2 About HOOPP 3 Advantages of being a HOOPP member SECTION ONE GETTING TO KNOW THE HOOPP

More information

Planning for Retirement Needs

Planning for Retirement Needs Planning for Retirement Needs Plan Termination Chapter 14 Chapter 14: Plan Termination Deciding to terminate a plan Terminating defined-contribution plans Terminating DB plans Distributions Involuntary

More information

PENSION PLAN BASICS. Summary of The Canadian Christian School Pension Plan and Trust Fund. FSCO and CRA Registration No

PENSION PLAN BASICS. Summary of The Canadian Christian School Pension Plan and Trust Fund. FSCO and CRA Registration No PENSION PLAN BASICS Summary of The Canadian Christian School Pension Plan and Trust Fund FSCO and CRA Registration No. 0283812 Table of Contents The Plan... 4 How It Works... 6 Benefits... 7 Procedures...

More information

Regions Financial Corporation. Retirement Plan. Summary Plan Description

Regions Financial Corporation. Retirement Plan. Summary Plan Description Regions Financial Corporation Retirement Plan Summary Plan Description January 2013 TABLE OF CONTENTS Part I - Introduction... 1 Part II Legacy AmSouth Plan Provisions (Not Applicable to Legacy Regions

More information

THOMAS JEFFERSON UNIVERSITY EMPLOYEES PENSION PLAN SUMMARY PLAN DESCRIPTION. May 2015

THOMAS JEFFERSON UNIVERSITY EMPLOYEES PENSION PLAN SUMMARY PLAN DESCRIPTION. May 2015 THOMAS JEFFERSON UNIVERSITY EMPLOYEES PENSION PLAN SUMMARY PLAN DESCRIPTION May 2015 11729v3 TABLE OF CONTENTS Page A. INTRODUCTION... 1 B. GENERAL INFORMATION... 1 C. DEFINITIONS... 2 D. HOW THE PLAN

More information

Participant Handbook

Participant Handbook Participant Handbook For Self-Employed & Retired Ministers PO Box 12629 Salem, OR 97309 T (503) 399-0552 (800) 821-1112 F (503) 581-3237 www.cepnet.com Part 1. Welcome To Life Rewards... 5 Part 2. Important

More information

chevron retirement plan for employees hired before january 1, 2008 summary plan description effective january 1, 2017 human energy. yours.

chevron retirement plan for employees hired before january 1, 2008 summary plan description effective january 1, 2017 human energy. yours. chevron retirement plan for employees hired before january 1, 2008 summary plan description effective january 1, 2017 human energy. yours. TM This document describes the terms of the Chevron Retirement

More information

QUALIFIED RETIREMENT PLAN AND TRUST. Volume Submitter Summary Plan Description Booklet

QUALIFIED RETIREMENT PLAN AND TRUST. Volume Submitter Summary Plan Description Booklet QUALIFIED RETIREMENT PLAN AND TRUST Volume Submitter Summary Plan Description Booklet Introduction Your Employer has adopted an Employee benefit plan designed to help you meet your financial needs during

More information

PNC Pension Plan. Summary Plan Description. Effective January 1, 2016

PNC Pension Plan. Summary Plan Description. Effective January 1, 2016 PNC Pension Plan Summary Plan Description Effective January 1, 2016 INTRODUCTION This booklet is the Summary Plan Description (SPD) of The PNC Financial Services Group, Inc. Pension Plan (Pension Plan

More information

Christian School Pension Plan and Trust Fund

Christian School Pension Plan and Trust Fund Christian School Pension Plan and Trust Fund Keeping the Pension Plan Healthy September 2016 Keeping the Pension Plan Healthy INSIDE Keeping the Pension Plan Healthy 2 A Community Plan 3 The Nature of

More information

Human Energy. Yours. TM. Chevron Retirement Plan Supplement VV Chevron Mining Inc. Questa Division Hourly-Paid Employees

Human Energy. Yours. TM. Chevron Retirement Plan Supplement VV Chevron Mining Inc. Questa Division Hourly-Paid Employees Human Energy. Yours. TM Chevron Retirement Plan Supplement VV Chevron Mining Inc. Questa Division Hourly-Paid Employees (SPD) The Unocal Retirement Plan (URP) was merged into the Chevron Retirement Plan

More information

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. Contributions. Other Benefits

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. Contributions. Other Benefits An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan Annuities How the Plans Work Contributions Eligibility Enrollment Other Benefits September 2013 WELCOME TO THE YMCA RETIREMENT

More information

THE METAL BOX PENSION SCHEME. Proposed Pension Changes

THE METAL BOX PENSION SCHEME. Proposed Pension Changes THE METAL BOX PENSION SCHEME Proposed Pension Changes 1 Welcome We have sent you this information pack because you are currently an active member of The Metal Box Pension Scheme (the Scheme) or the Metal

More information

Retirement Plan. Summary Plan Description

Retirement Plan. Summary Plan Description Retirement Plan Summary Plan Description Effective January 1, 2014 METROPOLITAN LIFE RETIREMENT PLAN Summary of Plan Description (SPD) Table of Contents INTRODUCTION... 3 Participation... 3 Benefit Funding...

More information

Kansas Court of Appeals Kansas Supreme Court District Magistrate District Court. Guide. Kansas Retirement System for Judges KPERS

Kansas Court of Appeals Kansas Supreme Court District Magistrate District Court. Guide. Kansas Retirement System for Judges KPERS Kansas Court of Appeals Kansas Supreme Court District Magistrate District Court Guide Kansas Retirement System for Judges KPERS Welcome to the Retirement System Welcome to the Kansas Public Employees

More information

Pension Plan. (applicable to employees hired before January 1, 2010) Pension Plan Effective 01/01/17

Pension Plan. (applicable to employees hired before January 1, 2010) Pension Plan Effective 01/01/17 Pension Plan (applicable to employees hired before January 1, 2010) Pension Plan - 110 Effective 01/01/17 Table of Contents GENERAL INFORMATION... 112 WHO IS ELIGIBLE... 112 WHEN YOU CAN RETIRE... 113

More information

EMPLOYEE PENSION PLAN SUMMARY PLAN DESCRIPTION For GPU Nonbargaining Employees

EMPLOYEE PENSION PLAN SUMMARY PLAN DESCRIPTION For GPU Nonbargaining Employees EMPLOYEE PENSION PLAN SUMMARY PLAN DESCRIPTION For GPU Nonbargaining Employees Benefits At A Glance Your pension plan is provided by the Company to help you build financial security for your future. The

More information

Summary Plan Description. for the. Vought Aircraft Industries, Inc. Protective Services. Retirement Plan

Summary Plan Description. for the. Vought Aircraft Industries, Inc. Protective Services. Retirement Plan Summary Plan Description for the Vought Aircraft Industries, Inc. Protective Services Retirement Plan July 1, 2009 Subject Table of Contents Page Introduction... 1 Participation Freeze...1 Benefit Freeze...1

More information

SUMMARY PLAN DESCRIPTION SUMMA HEALTH RETIREMENT INCOME PLAN

SUMMARY PLAN DESCRIPTION SUMMA HEALTH RETIREMENT INCOME PLAN SUMMARY PLAN DESCRIPTION SUMMA HEALTH RETIREMENT INCOME PLAN IF THE LANGUAGE OR MEANING OF THE PLAN TEXT DIFFERS FROM THE LANGUAGE OR MEANING OF THIS SUMMARY, THE PLAN TEXT WILL CONTROL PLAN RESTATEMENT

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Building Toward A Secure Tomorrow LABORERS DISTRICT COUNCIL OF WESTERN PENNSYLVANIA PENSION PLAN Effective April 1, 2018 TABLE OF CONTENTS About the Pension Plan... 1 Retirement

More information

#14 Administrator of the Traditional Defined Benefit Pension Plan Washington, DC 23 Certification of Adjusted Funding Target Attainment Percentage (AFTAP) for the 215 Plan Year The Pension Protection Act

More information

PENSION PROGRAM GUIDE

PENSION PROGRAM GUIDE PENSION PROGRAM GUIDE October 2012 Pension Program Guide for Members of the Saskatchewan Retail, Wholesale and Department Store Union Pension Plan (SRWDSU) October 2012 This Guide contains an overview

More information

Keeping the Pension Plan Healthy Pension Plan Changes in National webinar series January 8, 2014

Keeping the Pension Plan Healthy Pension Plan Changes in National webinar series January 8, 2014 Keeping the Pension Plan Healthy Pension Plan Changes in 2014 National webinar series January 8, 2014 1 Your presenters Panelists Howard Van Mersbergen Vice President of Employee Benefits Luc Girard (Mercer)

More information

Pension Plan for Employees of Uihlein Mercy Center, Inc. Summary Plan Description Effective as of January 1, 2017

Pension Plan for Employees of Uihlein Mercy Center, Inc. Summary Plan Description Effective as of January 1, 2017 Pension Plan for Employees of Uihlein Mercy Center, Inc. Summary Plan Description Effective as of January 1, 2017 This booklet is a Summary Plan Description (SPD) and summarizes the important information

More information

Defined Benefit Retirement Plan. Summary Plan Description for Dartmouth College Staff

Defined Benefit Retirement Plan. Summary Plan Description for Dartmouth College Staff Defined Benefit Retirement Plan Summary Plan Description for Dartmouth College Staff Contents Overview...........................................3 Does This Plan Apply To You?..........................5

More information

Your Pension Plan Guide

Your Pension Plan Guide IWA-Forest Industry Pension Plan Your Pension Plan Guide September 30, 2015 TABLE OF CONTENTS OVERVIEW 1 About this Booklet 1 MEMBERSHIP IN THE PLAN 2 Joining the Plan 2 Changing Jobs 2 Your Pension Record

More information

Summary Plan Description. for the. Vought Aircraft Industries, Inc. Hourly Retirement Plan. July 1, 2009

Summary Plan Description. for the. Vought Aircraft Industries, Inc. Hourly Retirement Plan. July 1, 2009 Summary Plan Description for the Vought Aircraft Industries, Inc. Hourly Retirement Plan July 1, 2009 eeak i Table of Contents Subject Page Introduction... 1 Participation Freeze...1 Benefit Freeze...1

More information

Anne Arundel County Government. Detention Officers and Deputy Sheriffs. Retirement Plan. Summary Plan Description. Effective July 1, 2009

Anne Arundel County Government. Detention Officers and Deputy Sheriffs. Retirement Plan. Summary Plan Description. Effective July 1, 2009 Anne Arundel County Government Detention Officers and Deputy Sheriffs Retirement Plan Summary Plan Description Effective July 1, 2009 Updated as of January 1, 2016 Table of Contents Introduction...2 Participating

More information

STAR enterprise retirement plan summary plan description effective january 1, human energy. yours. TM

STAR enterprise retirement plan summary plan description effective january 1, human energy. yours. TM STAR enterprise retirement plan summary plan description effective january 1, 2017 human energy. yours. TM This summary plan description (SPD) describes the (the Plan ). It contains important information

More information

RETIREMENT PLAN OF CARILION CLINIC SUMMARY PLAN DESCRIPTION

RETIREMENT PLAN OF CARILION CLINIC SUMMARY PLAN DESCRIPTION RETIREMENT PLAN OF CARILION CLINIC SUMMARY PLAN DESCRIPTION Effective October 1, 2016 This booklet provides a Summary Plan Description of the Retirement Plan of Carilion Clinic (referred to as the Pension

More information

SUMMARY PLAN DESCRIPTION OF THE LOCAL UNION NO. 164, I.B.E.W. JOINT PENSION FUND. As Amended Effective January 1, 2011

SUMMARY PLAN DESCRIPTION OF THE LOCAL UNION NO. 164, I.B.E.W. JOINT PENSION FUND. As Amended Effective January 1, 2011 SUMMARY PLAN DESCRIPTION OF THE LOCAL UNION NO. 164, I.B.E.W. JOINT PENSION FUND As Amended Effective January 1, 2011 Rev 1/11 JOINT PENSION FUND Local Union No. 164, I.B.E.W. 205 Robin Road, Suite 330

More information

ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM CHAPTER 46 MEMBERSHIP HANDBOOK

ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM CHAPTER 46 MEMBERSHIP HANDBOOK ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM CHAPTER 46 MEMBERSHIP HANDBOOK (Established for employees hired on or after 2/8/81) Revised 1/2011 (Includes changes to the code that were approved September

More information

SUMMARY PLAN DESCRIPTION FOR THE CARLE FOUNDATION HOSPITAL AND AFFILIATES MATCHING TSA PLAN JANUARY 2014

SUMMARY PLAN DESCRIPTION FOR THE CARLE FOUNDATION HOSPITAL AND AFFILIATES MATCHING TSA PLAN JANUARY 2014 SUMMARY PLAN DESCRIPTION FOR THE CARLE FOUNDATION HOSPITAL AND AFFILIATES MATCHING TSA PLAN JANUARY 2014 CH01/ 26287175.4 TABLE OF CONTENTS Page INTRODUCTION... 1 PLAN HIGHLIGHTS... 2 PARTICIPATION...

More information

Summary Plan Description. of the MEIJER HOURLY PENSION PLAN

Summary Plan Description. of the MEIJER HOURLY PENSION PLAN Summary Plan Description of the MEIJER HOURLY PENSION PLAN 2013 Team Members Working at Units in Michigan TO OUR TEAM MEMBERS Meijer, Meijer Stores Limited Partnership and Meijer Great Lakes Limited Partnership

More information

Introduction Page 1. Part One A Guided Tour Page 2. Part Two Eligibility and Service Page 4. Part Three Retirement Benefits Page 8

Introduction Page 1. Part One A Guided Tour Page 2. Part Two Eligibility and Service Page 4. Part Three Retirement Benefits Page 8 Publication Date: JANUARY 2009 This booklet summarizes current provisions of the Timber Operators Council Retirement Plan and Trust (the Plan). It is designed to provide a general understanding about the

More information

Northeast Georgia Health System, Inc. and Affiliated Companies Pension Plan

Northeast Georgia Health System, Inc. and Affiliated Companies Pension Plan Northeast Georgia Health System, Inc. and Affiliated Companies Pension Plan Overview Introduction The Northeast Georgia Health System, Inc. and Affiliated Companies Pension Plan (the Plan) is designed

More information

N.B. PIPE TRADES SHARED RISK PLAN. Employee Summary Booklet. June 2014

N.B. PIPE TRADES SHARED RISK PLAN. Employee Summary Booklet. June 2014 N.B. PIPE TRADES SHARED RISK PLAN Employee Summary Booklet June 2014 INDEX Section Page INTRODUCTION 1 EXPLANATION OF TERMS 3 Accumulated interest 3 Active member 3 Actuarial valuation 3 Beneficiary 4

More information

THe machinists Pension Plan,

THe machinists Pension Plan, THe machinists Pension Plan, lodge 692 Pension Plan summary UPDATED MAY 2017 mission statement The Trustees of The Machinists Pension Plan, Lodge 692 shall use all their individual and combined skills,

More information

Accenture United States New Pension Plan. Summary Plan Description. (Effective May 31, 2016)

Accenture United States New Pension Plan. Summary Plan Description. (Effective May 31, 2016) Accenture United States New Pension Plan Summary Plan Description (Effective May 31, 2016) TABLE OF CONTENTS INTRODUCTION...1 BACKGROUND...1 ELIGIBILITY AND PENSION PARTICIPATION...1 Rehired Participants...

More information

CHS Retirement Plans FAQs

CHS Retirement Plans FAQs CHS Retirement Plans FAQs 1. How much does CHS match after 1/1/2018? CHS matches 75% on your first 4% and then 50% on the next 2%. Therefore, if you contribute 6% you receive the maximum amount of match

More information

This booklet generally explains the major provisions of the Plan. It also contains a general discussion of some federal tax law rules.

This booklet generally explains the major provisions of the Plan. It also contains a general discussion of some federal tax law rules. Contents Introduction... 2 Eligibility... 4 Vesting... 5 Retirement Date... 6 Normal Retirement Benefit... 7 Normal Retirement Benefit Formula... 8 Benefit Illustration Normal Retirement... 9 Benefit Illustration

More information

Helping you Build Security for Tomorrow

Helping you Build Security for Tomorrow Summary Plan Description Loyola University Employees Retirement Plan (LUERP) Helping you Build Security for Tomorrow Participating Employers Chicago Province of the Society of Jesus Jesuit Retreat League

More information

Building Your Retirement Security

Building Your Retirement Security Building Your Retirement Security Weld County Retirement Plan Effective July 1, 2000 Introduction The Weld County Retirement Plan (the plan ) is a 401(a) defined benefit plan adopted by the County effective

More information

U.S. Retirement Program

U.S. Retirement Program U.S. Retirement Program The purpose of the U.S. Retirement Program is to provide income for your retirement based on eligible salary and length of service with the Company. Benefits may be payable from

More information

Pension Insurance Data Book 2005

Pension Insurance Data Book 2005 Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents 2006 Pension Insurance Data Book 2005 Pension Benefit Guaranty Corporation Follow this and additional works

More information

DIOCESE OF LA CROSSE LAY EMPLOYEES' RETIREMENT PLAN SUMMARY PLAN DESCRIPTION

DIOCESE OF LA CROSSE LAY EMPLOYEES' RETIREMENT PLAN SUMMARY PLAN DESCRIPTION DIOCESE OF LA CROSSE LAY EMPLOYEES' RETIREMENT PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1

More information

Northwest Farm Credit Services Retirement Plan

Northwest Farm Credit Services Retirement Plan Northwest Farm Credit Services Retirement Plan (formerly known as the AgAmerica District Defined Benefit Plan) Summary of Plan Provisions 2018 SUMMARY PLAN DESCRIPTION Northwest Farm Credit Services Retirement

More information

Summary Plan Description

Summary Plan Description Qualified Retirement Plan Summary Plan Description Simplified Standardized Money Purchase Pension Plan Simplified Standardized Money Purchase Pension Plan Summary Plan Description Plan Name: Your Employer

More information

SUMMARY PLAN DESCRIPTION PENSION TRUST FUND PENSION, HOSPITALIZATION AND BENEFIT PLAN OF THE ELECTRICAL INDUSTRY

SUMMARY PLAN DESCRIPTION PENSION TRUST FUND PENSION, HOSPITALIZATION AND BENEFIT PLAN OF THE ELECTRICAL INDUSTRY SUMMARY PLAN DESCRIPTION PENSION TRUST FUND PENSION, HOSPITALIZATION AND BENEFIT PLAN OF THE ELECTRICAL INDUSTRY May 11, 2016 TABLE OF CONTENTS General Information... 1 Sources of Contributions... 3 SECTION

More information

Pension Plan Summary Plan Description January 1, 2017

Pension Plan Summary Plan Description January 1, 2017 Pension Plan Summary Plan Description January 1, 2017 THE NOVELIS PENSION PLAN This booklet summarizes the main provisions of the Novelis Pension Plan (NPP), in effect on January 1, 2017 and serves as

More information

Pension Plan SUMMARY PLAN DESCRIPTION

Pension Plan SUMMARY PLAN DESCRIPTION Pension Plan SUMMARY PLAN DESCRIPTION Reflecting Changes Effective January 1, 2008 Table of Contents A WORD OF INTRODUCTION...1 THE PLAN IN BRIEF...2 PLAN PARTICIPATION...3 PAYING FOR THE PLAN...3 FACTORS

More information

Supplemental Retirement Account. Summary Plan Description

Supplemental Retirement Account. Summary Plan Description Supplemental Retirement Account Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every

More information

SUMMARY PLAN DESCRIPTION OF THE PENSION PLAN FOR EMPOLOYEES OF FIRSTMERIT CORPORATION AND AFFILATIES

SUMMARY PLAN DESCRIPTION OF THE PENSION PLAN FOR EMPOLOYEES OF FIRSTMERIT CORPORATION AND AFFILATIES SUMMARY PLAN DESCRIPTION OF THE PENSION PLAN FOR EMPOLOYEES OF FIRSTMERIT CORPORATION AND AFFILATIES describing benefits for certain former employees of Citizens Republic Bancorp As of January 1, 2014

More information

Ashland Hercules Pension Plan. Schedule C. BetzDearborn, Inc. Employees. Summary Plan Description. Publication Date: January 1, 2014

Ashland Hercules Pension Plan. Schedule C. BetzDearborn, Inc. Employees. Summary Plan Description. Publication Date: January 1, 2014 Ashland Hercules Pension Plan Schedule C BetzDearborn, Inc. Employees Summary Plan Description Publication Date: January 1, 2014 TABLE OF CONTENTS ABOUT THIS BOOKLET... 1 PLAN MEMBERSHIP... 1 Eligibility...

More information

SUMMARY PLAN DESCRIPTION FOR THE

SUMMARY PLAN DESCRIPTION FOR THE SUMMARY PLAN DESCRIPTION FOR THE CARLE PROFIT SHARING PLAN JANUARY 2014 TABLE OF CONTENTS Page INTRODUCTION... 1 PLAN HIGHLIGHTS... 2 PARTICIPATION... 5 MAKING YOUR CONTRIBUTIONS... 6 THE COMPANY S CONTRIBUTIONS...

More information

Once you become a Member of the Plan, you may not withdraw from the Plan so long as you remain employed by the City.

Once you become a Member of the Plan, you may not withdraw from the Plan so long as you remain employed by the City. Retirement Benefit Plan for the Employees of the City of St. John s as applicable to Members of CUPE Local 1289, CUPE Local 569, NAPE Local 7808, and Non-Bargaining (Option 1) The Retirement Benefit Plan

More information

Summary Plan Description. For the. Retirement Benefit Plan of American Airlines, Inc. For. Employees Represented by the

Summary Plan Description. For the. Retirement Benefit Plan of American Airlines, Inc. For. Employees Represented by the Summary Plan Description For the Retirement Benefit Plan of American Airlines, Inc. For Employees Represented by the Transport Workers Union (TWU) of America, AFL-CIO Publication Date: July 2015 The Retirement

More information

Member Handbook. Public School Retirement System of the City of St. Louis

Member Handbook. Public School Retirement System of the City of St. Louis Member Handbook Public School Retirement System of the City of St. Louis 3641 Olive Street, Suite 300 St. Louis, MO 63108-3601 Voice: (314) 534-7444 Fax: (314) 533-0531 Website: www.psrsstl.org August

More information

Survivor Benefits. For members enrolled in the. Combined Plan

Survivor Benefits. For members enrolled in the. Combined Plan Survivor Benefits For members enrolled in the Combined Plan 2018 2019 Survivor Benefits Overview Table of Contents Survivor Benefits Overview...1 Survivor benefits offered under the Combined Plan...2 Qualified

More information

Summary Plan Description

Summary Plan Description CF Industries Holdings, Inc. Pension Plan Supplement C (Prior Terra Plan) Summary Plan Description As of November, 2014 CONTENTS Summary Plan Description... 1 Introduction... 3 How the Plan Works... 4

More information

September 2012 NO ACTION REQUIRED

September 2012 NO ACTION REQUIRED September 2012 NO ACTION REQUIRED RE: Summary Plan Description The Gates Group Retirement Plan Dear Plan Member: Enclosed for your reference is an updated Summary Plan Description ( SPD ) for The Gates

More information

Alcatel-Lucent Savings/401(k) Plan Summary Plan Description Management Employees January 2015

Alcatel-Lucent Savings/401(k) Plan Summary Plan Description Management Employees January 2015 Alcatel-Lucent Savings/401(k) Plan Summary Plan Description Management Employees January 2015 Disclaimer Disclaimer This is a summary of the benefits offered to active, non-represented, employees under

More information

PACE INDUSTRY UNION-MANAGEMENT PENSION FUND SUMMARY PLAN DESCRIPTION

PACE INDUSTRY UNION-MANAGEMENT PENSION FUND SUMMARY PLAN DESCRIPTION PACE INDUSTRY UNION-MANAGEMENT PENSION FUND SUMMARY PLAN DESCRIPTION April 2011 April 2011 To All Participants and Beneficiaries: The Board of Trustees of the PACE Industry Union-Management Pension Fund

More information

IN THIS SECTION SEE PAGE. Diageo: Your 2008 Employee Benefits 165

IN THIS SECTION SEE PAGE. Diageo: Your 2008 Employee Benefits 165 Diageo: Your 2008 Employee Benefits 165 Cash Balance Pension Plan The Diageo North America, Inc. Cash Balance Pension Plan is a Company-funded defined benefit plan that provides you with retirement income

More information