F.5 Retirement Benefits If You Meet Minimum Contribution Requirements
Employer Contributions made on your behalf determine the minimum contribution requirements which apply to you, as shown in the following table.
F.5.1 Minimum Contribution Requirements
The table shows the minimum contribution your employer must have made on your behalf at $4.00 per hour. The contribution amount depends on the date on which your employer Contributions meet the minimum amount listed in the table.
|Date on Which Contribution Requirement Was Met||Minimum Contributions in Excess of $3.00 per Hour|
|On or before June 30, 1982||$2,000|
|June 30, 1983||$3,000|
|June 30, 1984||$4,000|
|June 30, 1985||$5,000|
|June 30, 1986 through June 30, 1990||$6,000|
The employer Contributions made on your behalf at greater than $3.00 but less than $4.00 per hour were also counted to meet this requirement if the Contributions were made:
- within 12 months of the date the Contributions at more than $3.00 per hour began; and
- by an employer who later made Contributions at $4.00 per hour.
F.5.2 Special Extension for Minimum Contribution Requirements
If you did not meet the requirements in the above table before July 1, 1990, and Employer Contributions of at least $4.00 per hour were made on your behalf after June 30, 1987 and before July 1, 1990, you had until June 30, 1993, to meet the requirements in the table.
F.5.3 Special Qualification for Participants Who Retire and Return to Covered Employment
If you retired and later returned to Covered Employment but did not meet the requirements in the above table before July 1, 1990, you have met the minimum contribution requirements if all of the following have occurred:
- between June 30, 1987 and July 1, 1990, your employer made Contributions of at least $4.00 per hour on your behalf, and
- by June 30, 1993, you worked at least 8,000 hours, after you returned to work, for which your employer made Contributions of at least $4.00 per hour.
If you met the minimum contribution requirements, your Benefit Service and average contribution rate determine your monthly retirement benefit as follows:
Average Contribution Rate (ACR) $1.00 per Hour or Less
Benefit Service x ACR times $34.85 = Monthly Retirement Benefit
Average Contribution Rate Over $1.00 but Less Than $2.00 per Hour
Benefit Service x $34.85 plus $29.35 times (ACR – $1) = Monthly Retirement Benefit
Average Contribution Rate Equals or Exceeds $2.00 per Hour
Benefit Service x $64.20 = Monthly Retirement Benefit