Pension Plan Overview
Overview | Eligibility
| How the Plan Works | Benefit
Calculations | Payment Options
| Administrative Details
The Pension Plan is one component of your Retirement Program at
Trinity Health.
This benefit rewards you financially for your hard work and long-term
commitment to the organization.
Pension Plan Highlights
Formula
| 1.0% x final average compensation (up to ½
of the 5-year average of the Social Security wage base) multiplied by benefit
service earned after 2001 |
| Plus |
| 1.5% x final average compensation (over the ½
of the 5-year average of the Social Security wage base) multiplied by benefit
service (to a maximum of 35 years) earned after 2001 |
| Plus |
| Your accrued benefit as of December 31, 2001 under the former pension
plan, adjusted for future compensation increases. |
- Benefit Service requirement
of 1,800 hours for a full year,
- Flexible phased retirement guidelines
for those returning to Trinity Health after beginning to receive their retirement
benefit,
- Definition of compensation that includes base pay, overtime, shift
differential bonuses, and incentive and variable pay, and
- Immediate participation in the Pension Plan for eligible employees.
Other Key Facts About Your Pension Plan
- Trinity Health pays the entire
cost of the Pension Plan. You pay nothing.
- You are 100 percent vested in
your Pension Plan benefit after completing five years of vesting service or reaching
age 65 while employed at Trinity Health.
- Normal retirement age is 65.
You may retire and receive a reduced benefit as early as
age 55 with at least five years of vesting service.
- Pension Plan benefits are in
addition to Social Security benefits.
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