What is the retirement allowance based on? How is it calculated?
Because our plan is a defined benefit plan, your retirement allowance is determined by a mathematical formula and is not based on the balance in your annuity account at the time of retirement. The factors used to determine your retirement allowance are: your age, creditable service, group classification, and an average of your three highest consecutive years of regular compensation at date of retirement.
Because the Greenfield Retirement Plan is a defined benefit plan, your benefits are determined by a formula and are not affected by the amount of money in your annuity account at the time of retirement. The factors used to determine your benefit are: your age at the time of retirement, your amount of creditable service, your group classification, and an average of your three highest years of regular compensation.
