Board Declares Additional Earnings and Annuity Credit
The Teachers’ Retirement Board at their June 2007 meeting approved an additional earnings and annuity credit for Defined Benefit Supplement and Cash Balance Benefit Program accounts.
We calculate your credit by applying a percentage to your account balance as of June 30, 2006, or the fiscal year of your retirement, and adding it to your account as of June 7, 2007. The percentage is 2.49 percent for Defined Benefit Supplement and 1.18 percent for Cash Balance accounts. The dollar amount will vary for each member.
The Teachers’ Retirement Board can declare a credit when investment earnings exceed liabilities for the Defined Benefit Supplement or Cash Balance Programs.
Examples
Defined Benefit Supplement example: If you had $10,000 in your DBS account on June 30, 2006, and had not yet retired, you would earn an extra $249 that would be added to your account balance as of June 7, 2007.
Cash Balance Benefit example: If you had $10,000 in your CB account on June 30, 2006, and had not yet retired, you would earn an extra $118 that would be added to your account balance as of June 7, 2007.
‹‹ Previous Article || Next Article ››
[ 1 ]