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TForce | Retirement formula

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Does anyone have a take on our pension book that was just handed out. How do you figure OVNT ? What and how do you figure the formula? I think I know how but not sure Im doing it right. Seems its less than what I figured from before.​
 
...5 highest consecutive years in the time frame 1 Jan 03-31 Dec 2013...average those 5 to get you fac...use the formula using your years of sevice(MAX 30) that's your montly under Overnite plan..now we add the 105 to that again with the 30 year max to figure our monthly
 
renegade313 said:
...5 highest consecutive years in the time frame 1 Jan 03-31 Dec 2013...average those 5 to get you fac...use the formula using your years of sevice(MAX 30) that's your montly under Overnite plan..now we add the 105 to that again with the 30 year max to figure our monthly
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Thank you driver. Merry Christmas
 
You take the highest five consecutive years of earnings in the last 10 year period and add them together and divide by 5. That is your final average compensation number.

Multiply that (FAC#) say$ 60,000 x 1.725= 103500 x years of service (say) 21=2173500 Divide that by 12= $1811 a month in benefits paid out at retirement.
 
Teamsta II said:
You take the highest five consecutive years of earnings in the last 10 year period and add them together and divide by 5. That is your final average compensation number.

Multiply that (FAC#) say$ 60,000 x 1.725= 103500 x years of service (say) 21=2173500 Divide that by 12= $1811 a month in benefits paid out at retirement.
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Thank you Teamster II Merry Christmas to you and your family.
 
Your new Pension plan booklet explains very easily how your pension formula works. You will have to estimate what your FAC will be in the year you plan to retire if you qualify for the grandfathered plan.
 
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