The Post Retirement Benefit is
calculated as follows:
Base Adjustment:
Multiplying 15¢ by the years of service, then multiplying
that number by the full years on retirement.
Longevity Factor:
Shall be determined by the sum of the numbers calculated by
multiplying 0.025 by the years on retirement,
and 0.05 by the years on retirement in excess of 25 years, if any.
Longevity Adjustment:
Shall be determined by multiplying the base adjustment by the Longevity Factor.
The Ad Hoc Adjustment Payable
Is the sum of the Base Adjustment and the Longevity
Adjustment.
EXAMPLE #1:
20 years worked and 13 years on
retirement
1) Base Adjustment
15¢ x 20 yrs of service = $3.00
$3.00 x 13 yrs retirement = $39.00
2) Longevity Factor (years on retirement)
.025 x 13 yrs retirement = .325 (in excess of 25 yrs
retirement)
.05x0=0 your total is..................... .325
3) Longevity Adjustment
$39.00 (Base Adjustment) x .325 (Longevity Factor) = 12.675
4) Post Retirement Adjustment
$39.00 Base Adjustment +12.675 Longevity Adjustment =
$51.68 Payable to Retiree per month
EXAMPLE #2:
25 years worked and 20 years on
retirement
1) Base Adjustment
15¢ x 25 yrs of service = $3.75
$3.75 x 20 yrs retirement = $75.00
2) Longevity Factor (years on retirement)
.025 x 20 yrs retirement = .5 (in excess of 25 yrs
retirement) .
05x0=0 your total is..................... .5
3) Longevity Adjustment
$75.00 (Base Adjustment) x .5 (Longevity Factor) = 37.50
4) Post Retirement Adjustment
$75.00 Base Adjustment +37.50 Longevity Adjustment =
$112.50 Payable to Retiree per month
EXAMPLE #3:
29 years worked and 30 years on
retirement
1) Base Adjustment
15¢ x 29 yrs of service = $4.35
$4.35 x 30 yrs retirement = $130.50
2) Longevity Factor (years on retirement)
.025 x 30 yrs retirement = .75 (in excess of 25 yrs
retirement)
.05 x 5 yrs in excess of 25 = .25 your total
is....................... 1.00
3) Longevity Adjustment
$130.50 (Base Adjustment) x 1.00 (Longevity Factor) = 130.50
4) Post Retirement Adjustment
$130.50 Base Adjustment + 130.50 Longevity Adjustment =
$261.00 Payable to Retiree per month
EXAMPLE #4:
21 years worked and 35 years on
retirement
1) Base Adjustment .
1 5¢ x 21 yrs of service = $3.15
$3.15 x 35 yrs retirement = $110.25
2) Longevity Factor (years on retirement)
.025 x 35 yrs retirement = .875 (in excess of 25 yrs
retirement)
.05 x 10 yrs in excess of 25 = .5 your total
is..................... 1.375
3) Longevity Adjustment
$110.25 (Base Adjustment) x 1.375 (Longevity Factor) = 151.59
4) Post Retirement Adjustment
$110.25 Base Adjustment + 151.59 Longevity Adjustment =
$261.84 Payable to Retiree per month