The Pension Plan is a “defined benefit” plan designed to provide you with a monthly retirement income, typically payable over your lifetime, or yours and your surviving spouse’s (or other beneficiary’s) lifetimes.
Some basic facts about your Pension Plan...
- Membership begins after 1 year of service at a CIRS participating employer
- 100% vesting after 5 years of employment service. Vesting means that you have irrevocable rights to your accrued benefit
- Service continues as long as you work in an eligible position at a CIRS participating employer
2% x Years and months of Credited Service x 4-year Final Average Salary
- Credited Service includes all Employment Service credited to you after you become a Member in the Plan and also includes the one year waiting period for Membership
- 4-Year Final Average Salary: The average of the highest 4 consecutive base annual salaries from the past 10 years.
- Age 62 with 5 years of Employment Service
- Age 52 with 5 years of Employment Service.
- You will receive a reduced benefit.
Rule of 85
- If you terminate employment on or after age 55, and your age plus your years of Credited Service are equal to or exceed 85, you can retire early and receive your full “unreduced” pension benefit.
- must have completed 10 years of service
- must be actively employed at time of disability
- approved by U.S. Social Security Administration
- must be permanently and totally disabled
- Single Life Annuity
- You receive your full monthly benefit for as long as you live. No payments after your death.
- Joint & Survivor Annuity (50%, 75%, 100%)
- You receive a reduced monthly benefit for your lifetime. After your death, your beneficiary receives a percentage (50%, 75%, or 100%) of your reduced monthly benefit for their lifetime.
- Joint & Survivor Annuity (50%, 75%, 100%) with “Pop-up” feature
- Similar to Joint & Survivor EXCEPT if your beneficiary dies before you, the amount of your monthly benefit payment will be increased to the amount you would have received under the Single Life Annuity.
- Certain & Continuous Annuity (5 years, 10 years, 15 years)
- You receive a reduced monthly benefit for your lifetime with payments guaranteed for 5, 10 or 15 years. If you die prior to receiving all of the guaranteed payments, your beneficiary would continue to receive your benefit for the remainder of the guaranteed term.
- Level Income Annuity
- Your monthly benefit will be increased until age 62 when you become eligible for Social Security payments and then reduced after age 62. In this way your pension benefit when combined with Social Security will provide you with a level amount of income throughout your retirement. Payments cease after your death.
Log on to your Transamerica account at cirs.trsretire.com or call 1-800-755-5801 to:
- Access your Plan information
- Obtain and complete administration forms
- Update your Pension Plan beneficiary
- Model your future pension benefit
- Request calculations or estimates of your pension benefits
Note that the Administrator of the Pension Plan changed from Voya to Transamerica May 2016