For vested performers, pension amounts are based upon the following:
- A percentage of covered earnings (prior to May 1, 2009) in Base Years (December 1-November 30) in which a Pension Credit was earned, adjusted for age, marital status, date of retirement and the payment option you choose;
- A percentage of employer contributions (on or after May 1, 2009) in Base Years in which a Pension Credit was earned, adjusted for age, marital status, date of retirement and the payment option you choose.
Under the new contribution-based formula, which determines the portion of your retirement benefit earned on and after May 1, 2009, AFTRA H&R calculates your annual annuity amount using the following formula:
- The total amount of employer contributions credited on your behalf to the AFTRA Health & Retirement Funds in each Base Year in which you earn a Pension Credit
... multiplied by ...
- The contribution-based accrual rate of 4.86%.
To learn more and view examples which provide comparisons between the new contribution-based formula and the previous earnings-based formula, refer to the April 2009 Benefits Update. If you’re vested, to determine your exact pension amounts under the different available payment options, call Participant Services at (800) 562-4690 to request a pension analysis.
* Exceptions: This rate will not be applied to contributions based on Covered Earnings in excess of the current maximum limit of $200,000 or to any one-time Sound Code payments to the Health Fund or to the employer contributions on behalf of participants who have previously chosen, under certain collective bargaining agreements, for those employer contributions to be made to the Health Fund only.
Retirement Plan at-a-glance intro page
Benefits at-a-glance main page
For information about how your benefit is calculated, call Participant Services at (800) 562-4690, or refer to pages 14-16 of the 2006 Retirement Plan Summary Plan Description and relevant Benefits Updates for details and additional information.