2018 Special Apportionments are being applied Today!
Earlier this year we announced the approval of a $96MM Special Apportionment to be applied as a 5.5% increase (based upon credits earned as of 12/31/17) to all Pension Plan accounts, representing the second largest total dollar increase in Pension Fund’s history.
Today, we are excited to let you know that this Special Apportionment is being applied TODAY (6/29/18), in one of the following ways:
- If you are currently retired and in payout status, your monthly gross pension will increase by 5.5%, or …
- If you are a member, your base credits will be increasing by 5.5%.
This historic increase in the value of our members’ Pension accounts comes on top of the more than $48MM in Good Experience Credits deposited to accounts on March 31, 2018 for members with Tax-Deferred Retirement Accounts (TDRA), IRAs, and the Benefit Accumulation Accounts (BAA).
2018 Good Experience Credits, which are in addition to the base interest earned, for each product were:
- TDRA: 10.5%
- BAA: 9%
- IRAs: 5.5%
If you have any questions regarding this information, please contact our Member Relations team at (866) 495-7322 or by email at PFCC1@pensionfund.org.