Upon retirement you are immediately entitled to receive a monthly annuity.  The annuity shall be purchased from an insurance company using the accumulated total of all member and employer contributions, plus the earnings associated with those contributions.

The actual size of your pension will depend on three important factors:

      - the accumulated total of all member and employer contributions;

      - the rate of return you earn on these contributions; and

      - your age when you retire.

Example Calculation:

                              Consider what happens when the employer and member

                              contributions total $339.39 for each month, assuming the

                              funds earn 4%, 6%, or 8% per year:

                              Years of Plan

                              Membership            4%                 6%                8%    

                                      5                   22,501           23,679          24,937

                                     10                  49,975           55,619          62,090

                                     15                  83,521           98,701         117,442

                                     20                 124,480         156,813        199,909

                                     25                174,491         235,196        322,770