Sentences with phrase «tiered benefit formula»
A three - tiered benefit formula determines a monthly benefit based on your AIME.
http://fairmark.com/ Not exact matches
Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.
That formula provides benefits in three tiers.
This number goes into a three - tiered formula designed to provide a higher percentage benefit to people with lower earnings, but a higher total benefit to people with higher earnings.