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Traditional Pension Formula
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<blockquote data-quote="vantexan" data-source="post: 2869065" data-attributes="member: 24302"><p>They took your five highest paid years(before plan was terminated) and averaged them together. Then took 2% of that average and multiplied it by number of credited years of service(business year where you worked at least 1000 hrs). Max number of years you could apply towards pension was 25. So most one could get was 50% of their highest annual average and could take that at 60. If they wanted they could take reduced amount as early as 55, reduced 3% for each year taken before 60. And there are a number of other options available as to how you take the pension.</p></blockquote><p></p>
[QUOTE="vantexan, post: 2869065, member: 24302"] They took your five highest paid years(before plan was terminated) and averaged them together. Then took 2% of that average and multiplied it by number of credited years of service(business year where you worked at least 1000 hrs). Max number of years you could apply towards pension was 25. So most one could get was 50% of their highest annual average and could take that at 60. If they wanted they could take reduced amount as early as 55, reduced 3% for each year taken before 60. And there are a number of other options available as to how you take the pension. [/QUOTE]
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