Following is the basic formula for calculating the amount of a monthly pension. The amount of monthly pension is affected by the Form of Pension Payment you elect at retirement.
Regular, Service and Disability Pensions
The monthly payment is calculated by multiplying your Prior Pension Credits and Current Pension Credits (and fractions of each), times the Pension Factors from the following table, and adding the results.
If you have a Break in Employment, Credits earned before the Break will be multiplied by the Pension Factors in effect at the time of the Break, but not less than $8.00 for each Prior Pension Credit, and $12.00 for each Current Pension Credit. However, if you have more hours reported to a Related Plan than to this Plan, the Pension Factor in effect at the time the Credits were earned will be used to calculate the amount of pension you receive.
The amount of the Early Pension is calculated by first determining the amount of Regular Pension you would be entitled to receive if you were age 62 and then reducing that amount by ¼ of 1% for each month (3% for each year) you are younger than age 62 on the effective date of your pension.
Exception: If you have a Break in Employment because you worked for a Non-Contributing Employer, the amount of the reduction is ½ of 1% for each month you are younger than age 62.
If you have met the eligibility requirements for a pension and have stopped working but your effective date is delayed beyond your Normal Retirement Age, your benefit may be increased to reflect this delay. The adjustment is based on actuarial tables. The Fund Office can tell you how much this adjustment will be.