Primary Retirement Benefit (PRB)

The retirement benefit is based on:

Final Average Monthly Compensation is an average of the worker's highest 60 consecutive months of compensation out of the last 20 years of Plan's participation.

Creditable Service is years and whole months of active CRP participation.

Integration Level is a number used in determining benefits to reflect the fact that Social Security provides a higher benefit as a percentage of pay for employees at lower pay levels. This number is based on federal requirements for combining benefits from Social Security and a pension plan. Because the maximum salary is subject to Social Security tax changes each year, the Integration Level also changes each year. Contact the Plans office for the Integration Level currently in effect.

The benefit formula can be found in the CRP Summary Plan Description of the legal Plan Document.

The options available for the Primary Retirement Benefit are:

• Single life annuity (monthly benefit paid during the worker's lifetime).
• Joint and 70% survivor annuity (monthly benefit paid during the worker's lifetime and when the worker dies, the spouse gets 70% for the rest of his/her life.)
• Joint and 100% survivor annuity (monthly benefit paid during the worker's lifetime and when the worker dies, the spouse gets 100% for the rest of his/her life.)