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What is the Plans Basic Benefit Formula?

April 26, 2017BASIC benefit Formula Plan

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What is the Plans Basic Benefit Formula?

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If you were hired prior to 1/1/2008 (and had worked for Samford University on or after January 1, 1989) the Basic Benefit Formula is: 1.83% of your Average Final Compensation plus 0.47% of your Average Final Compensation over $1,250 times your years of Credited Service, up to a maximum of 25. If you were hired on or after 1/1/2008 the Basic Benefit Formula is 1.83% of your Average Final Compensation plus 0.47% of your Average Final Compensation over the Covered Compensation amount times your years of Credited Service, up to a maximum of 25.