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Annual Statements For Defined Benefit Plan Members
In July, your Annual Membership Statement will arrive in the mail. Starting in 2011, your statement will come in a windowed envelope. Please be looking for it in your mailbox. Do not throw your statement away!
Your statement will be printed on the front and back of a single letter-sized sheet of paper. The letter on the front of your statement explains the information presented on the back. Please read it carefully. If you disagree with any of your information, please make a copy of your statement and note the item(s) you feel is incorrect. Mail the copy with your notes to MPERA for review. Below is an example of what the back side of your statement will look like.
UNDERSTANDING YOUR STATEMENT:
Total Contributions – The amount you have contributed to your retirement system defined benefit retirement account through your contributions.
Account Balance – The total amount you have contributed to your account, plus interest. This is the amount you would receive if you terminate employment and choose to take a refund. Employer contributions are not refundable and are not included in this total.
Total Cost of Your Service Purchase Contracts – The total amount you have or will have paid to complete service purchases.
Service Credit – Your total years and months of service credit. The total includes credit for full time employment; completed service purchases/transfers; and service purchases in progress, assuming they will be completed. One-for-Five purchases are listed separately.
Your Estimated Initial Monthly Benefit – The monthly benefit you may receive for your lifetime if you stop contributing as of the date indicated and your benefit starts at the age indicated or your current age, if older. This estimate is calculated using the last 36 months of your reported salary and your current service credit. It does not include any future increases in salary or service.
Guaranteed Annual Benefit Adjustment (GABA) – After you have completed 12 full months of retirement, your benefit increases in January of each year by the percentage shown.
You can estimate your retirement benefit using different retirement dates, salary and service. To do this, visit our online calculator. Please be aware that the actuarial factors used to calculate early retirement reduction will change on October 1, 2011.
We ask that you review all of the information provided on this statement including your address, date of birth and beneficiaries. If you disagree with any of the enclosed information, make a copy of this statement, clearly mark the information you disagree with, and mail it to MPERA for review. Please inform your payroll clerk of any address changes. Beneficiary changes can be made by filing a new membership card with MPERA.
