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METRO-PHILA PENSION & BENEFITS
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<blockquote data-quote="ddomino" data-source="post: 59536"><p>The type of pension is defined benfit. That means the payout is a set amount. Any earned payment cannot be reduced, unless the fund goes under. Future multipliers can be reduced, as has happened in the Phila fund. In my numbers below, somone who retired in 05 would gat $3350. Someone who will be retiring in 2010 should get $4771 but that will be lower due to the reduction in the multiplier. Multi-employer pension funds are defined benefit, whereas single employer funds are defined contribution.</p></blockquote><p></p>
[QUOTE="ddomino, post: 59536"] The type of pension is defined benfit. That means the payout is a set amount. Any earned payment cannot be reduced, unless the fund goes under. Future multipliers can be reduced, as has happened in the Phila fund. In my numbers below, somone who retired in 05 would gat $3350. Someone who will be retiring in 2010 should get $4771 but that will be lower due to the reduction in the multiplier. Multi-employer pension funds are defined benefit, whereas single employer funds are defined contribution. [/QUOTE]
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