Calculating Your Benefit
Retirement Benefits 
You can retire as early as age 52 as long as you are vested. Your Normal Retirement Age under the Pension Plan is 65 as long as you are vested when you turn 65. However, if you are not vested at age 65, you will reach your Normal Retirement Age later if and when you vest. Not everyone reaches their Normal Retirement Age, since not everyone vests. Depending on when you retire, your monthly benefit may be reduced if you retire prior to age 65 or increased if you retire after your Normal Retirement Age. If you retire before age 65, to be considered retired and entitled to your Retirement Benefit, you cannot have any Covered Earnings Covered Earnings are earnings from employment for which Contributions to the Pension Plan are due under the WGA collective bargaining agreement for the first calendar month of your retirement.
Retirement Benefits are usually paid monthly for your lifetime on the first of each month. Your Retirement Benefit is based on the Contributions made on your behalf by your employers. Benefit and Compensation limits apply when calculating your benefit.
Formula
A: The Monthly Benefit Formula is:
| Employer Contributions | All Contributions made on your behalf, excluding any Contributions you have lost due to a Permanent Break in Service prior to 1998* and any Contributions from Compensation over the limit. | ||
| Multiplied by | |||
| Annual Benefit Multiplier | Currently, 48.3%. Multiplier may be lower for Contributions from Compensation that has been limited. | ||
| Multiplied by | |||
| Age Factor | Based on Age as of Retirement Date | Age 52 to Before Age 65 - Reduction Factor | 1/3% per month you are younger than age 63 down to age 55, Plus 1/2% per month you are younger than age 55 down to age 52 |
| 1/2% per month you are younger than age 65 (only for Contributions from limited Compensation) |
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| At Age 65 or Normal Retirement Age | 100% | ||
| After Normal Retirement Age - Increase Factor | .8% per month for 59 months after age 65 | ||
| 1.2% per month at age 70 or later | |||
| Multiplied by | |||
| Option Factor | Depends on Retirement Benefit Option elected at Retirement Date | ||
| Divided by 12 monthly payments | |||
Click here for the Pension Estimator.
Retirement Benefit Options
There are as many as a dozen options but you may only choose ONE. It's an important decision because you CANNOT CHANGE your Retirement Benefit Option on or after your Retirement Date. In addition, if you choose any of the Joint & Survivor Annuity Options (with or without Pop-up), you CANNOT CHANGE your Beneficiary on or after your Retirement Date under the Pension Plan under any circumstances, not even death or divorce. If you are married under the Pension Plan, the Joint and 50% Survivor Annuity is automatic unless your spouse consents in writing and the signature is notarized.
Retirement Benefit Options
| Retirement Benefit Option |
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Five-Year Certain & Life Annuity |
You get a lifetime monthly benefit. The Ten-Year Certain & Life Annuity pays less than the Five-Year Certain & Life Annuity. Each option has a guaranteed period that the Pension Plan will pay benefits starting on your Retirement Date up to five OR ten years which depends on the Retirement Benefit Option you choose (Five-Year Certain or Ten-Year Certain & Life Annuity). If you live longer than the initial five or ten years starting on your Retirement Date, you still get a monthly benefit. |
If you die within five OR ten years after your Retirement Date, your monthly pension will continue to your Beneficiary for the remainder of the five OR ten years which depends on the Retirement Benefit Option you choose (Five-Year Certain or Ten-Year Certain & Life Annuity). Before the expiration of the five or ten-year period, you can change your Beneficiary as long as your spouse as of your Retirement Date consents. After the certain period has expired, there is no pension benefit paid to anyone when you die. |
100% |
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Ten-Year Certain & Life Annuity |
Reduced based on your age as of Retirement Date |
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Joint & Survivor Annuity
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You get a reduced monthly benefit for your lifetime. You designate a beneficiary (called a Joint Annuitant) when you apply for retirement with the Pension Plan. If your Joint Annuitant dies before you, you continue to receive the same amount and when you die, the benefit stops. |
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Option Percent |
If Joint Annuitant |
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50% |
90% |
± .4% |
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66-2/3% |
87% |
± .5% |
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75% |
85.5% |
± .65% |
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100% |
81% |
±.7% |
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Joint & Survivor Annuity |
You get a reduced monthly benefit for your lifetime. You designate a Beneficiary (called a Joint Annuitant) when you apply for retirement with the Pension Plan. If your Joint Annuitant dies before you, your monthly benefit pops up to the Five-Year Certain & Life Annuity amount, but there is no five year guarantee and when you die, the benefit stops. |
50% with |
89% |
± .4% |
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66-2/3% with |
86% |
± .5% |
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75% with |
84.25% |
± .65% |
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100% with Pop-up |
79.5% |
±.7% |
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Social Security Adjustment Benefit |
At first, you get a higher monthly benefit. But when you reach age 62 OR 65 (depending on the SS age of the Retirement Benefit Option you choose), your monthly benefit is lowered by the same amount you were estimated to get from SSA or your benefit may stop altogether. Only available if you retire before age 65. |
There is no pension benefit paid to anyone after your death. |
Depends on your age at Retirement Date and age when you plan to receive SSA benefits. |
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Lump Sum |
You get a one-time payment only. Lump Sum Option is only available if the actuarial value of your total Retirement Benefit is $5,000 or less. Rollover to IRA, Roth IRA or Qualified Plan is available. |
Depends on your age at Retirement Date |
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Death Benefits
Before You Retire
Your Beneficiary will qualify for death benefits if you die before you retire as long as you have accumulated two (2) Qualified Years and at least $200 in Contributions. Benefit and Compensation limits apply when calculating Normal Death and Surviving Spouse Benefits.
You may designate a Beneficiary by filing a new form with the Administrative Office at any time. Your death benefits will be paid to your designated Beneficiary as long as you don't have a spouse who qualifies for a Surviving Spouse Benefit. If you don't have a valid beneficiary designation with the Administrative Office, then your estate or living trust will get the benefit. If you don't have an estate or living trust, then your Beneficiary would be determined according to Pension Plan rules. If there is a Surviving Spouse Benefit payable, your spouse to whom you have been married for at least one year (One-Year Spouse) will be your Beneficiary regardless of any beneficiary designation or existence of an estate or living trust.
Death Benefits Before You Retire |
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Your Pension Plan Status |
Your Marital Status |
Beneficiary and Benefit |
Options |
Not Vested |
Any |
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Vested |
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Vested |
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Spouse (One-Year Spouse) gets Surviving Spouse Benefit. The One-Year Spouse may reject the Surviving Spouse Benefit in a notarized writing and instead get whichever pays more of the:
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Normal Death Benefit
The Normal Death Benefit amount is equal to all of the Contributions made on your behalf (excluding any Contributions from Compensation over the limits) as long as you qualify for death benefits and have not retired under the Pension Plan. If you have over 20 Qualified Years, your Beneficiary will get an additional 28.3% of the Contributions amount for each Qualified Year you have accumulated after 20 Qualified Years. The maximum additional percent is 141.5%.
Surviving Spouse Benefit
A Surviving Spouse Benefit is a lifetime monthly benefit for your spouse as long as you are vested, have not retired under the Pension Plan, and you have been married at least one year as of your date of death (One-Year Spouse).
The monthly benefit amount is what your One-Year Spouse would have received as if you had retired under the 50% Joint and Survivor Annuity Option and died with your One-Year Spouse as Beneficiary as long as you are at least age 52 when you die. As a Participant, you have to be at least age 52 to get Retirement Benefits. So if you were too young to retire when you died, meaning you had not reached age 52 at death, then your One-Year Spouse would have to wait until you would have turned age 52. The amount is what your One-Year Spouse would have received as if you had retired at age 52 with the same Retirement Benefit Option and Beneficiary, and then died. There is no pension benefit paid to anyone after your One-Year Spouse's death.
After you Retire
In the event of your death after you retire under the Pension Plan, the monthly benefit may continue to a Beneficiary depending on the Retirement Benefit Option you choose at retirement.
Death Benefits After You Retire |
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| Retirement Benefit Option | Beneficiary Benefit |
|---|---|
| Five-Year Certain & Life Annuity -------------------- Ten-Year Certain & Life Annuity |
If you die within five OR ten years after your Retirement Date, your monthly pension will continue to your Beneficiary for the remainder of the five OR ten years which depends on the Retirement Benefit Option you choose (Five-Year Certain or Ten-Year Certain & Life Annuity). Before the expiration of the five or ten-year period, you can change your Beneficiary as long as your spouse as of your Retirement Date consents. After the certain period has expired, there is no pension benefit paid to anyone when you die. |
Joint & Survivor Annuity with Pop-up 50%, 66-2/3%, 75% OR 100% |
Your Joint Annuitant receives a lifetime monthly benefit when you die. The amount your Joint Annuitant gets depends on the percent of the Retirement Benefit Option you choose (50%, 66-2/3%, 75% or 100%). You CANNOT change your Joint Annuitant even if your Joint Annuitant dies or you divorce. After you and your Joint Annuitant die, there is no pension benefit paid to anyone. |
| Social Security Adjustment Benefit 62 OR 65 -------------------- Lump Sum |
There is no pension benefit paid to anyone after your death. |