2013 Additional Annuity Credit and Additional Earnings Credit
The Defined Benefit Supplement and Cash Balance Benefit programs showed substantial investment earnings and met the thresholds for a credit for the fiscal year ending June 30, 2013. The board declared the credit on April 3, 2014, for the 2012-13 fiscal year.
The credit was applied to eligible active and inactive members who had funds in the Defined Benefit Supplement or Cash Balance Benefit programs as of June 30, 2013, based on their account balance on that date.
Amount of the Credit
Eligible members and beneficiaries who received a Cash Balance or Defined Benefit Supplement annuity, or both, as of June 30, 2013, received a credit based on the value of the annuitized benefit as of June 30, 2013.
All recipients received the credit at the following rates:
- 3.61 percent credit for funds in a Defined Benefit Supplement account
- 3.25 percent credit for funds in a Cash Balance Benefit Program account
How the Credit Was Distributed
Additional Earnings Credit
- If you are an active or inactive member and were eligible to receive the credit, the credit was applied in 2015 and reflected in your 2015 Retirement Progress Report.
- If you were eligible to receive the credit but began receiving an annuity after June 30, 2013, your Defined Benefit Supplement or Cash Balance annuity, or both, may have been recalculated to include the credit. If your credit was recalculated, you received an adjustment letter detailing the recalculation of your benefit in May 2015.
- If you were eligible to receive the credit but have since refunded your account, your credit was issued in January 2016.
Additional Annuity Credit
- If you are a retired member and eligible to receive the credit, your payment was issued in January 2016.
- If the credit was over $200, you had the option to rollover the credit.
For additional information, see the Additional Annuity Credit/Additional Earnings Credit Frequently Asked Questions.