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Member Benefits

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Today, a participant can retire at age 65 and receive a monthly pension benefit at 1.75% of their total contributions.

A member retiring with a full pension at age 65 will get back all contributions in only 58 months and will continue to receive a lifetime monthly benefit.


THIS IS ROB:

THIS IS ROB:

45

Rob's Current Age

20

Years to Retirement

$260

TRMP Monthly Contribution

$3,120

TOTAL PARTICIPANT CONTRIBUTIONS PER YEAR

$62,400

TOTAL CONTRIBUTIONS OVER 20 YEARS ($3,120 X 20)

X

1.75%

MULTIPLIED BY THE ACCRUAL RATE

=

$1,092

LIFETIME MONTHLY PENSION

TOTAL CONTRIBUTIONS OVER 20 YEARS ($3,120 X 20)

MULTIPLIED BY THE ACCRUAL RATE

LIFETIME MONTHLY PENSION

if rob lives to 75, he will have collected $131,040 in pension payments

if rob lives to 85, he will have collected $262,080 in pension payments

over 4x what he contributed!

if rob lives to 95, he will have collected $393,120 in pension payments

over 6x what he contributed!

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Joint & Survivor Benefits

Retirement can last over 20 years that's a long time with no income

If the pensioner chooses a Joint and Survivor Benefit Option at the time of retirement, their spouse can continue receiving a monthly benefit for the remainder of their life in the event the pensioner dies.

If an active member dies before receiving a pension benefit and the surviving spouse is the sole beneficiary of the death benefit, the surviving spouse may elect to receive a lifetime monthly pension in lieu of the death benefit.


Option "A"

Pensioner receives an actuarial reduced pension until death, thereafter, the surviving spouse receives two-thirds of the reduced pension benefit.

For example, if our pensioner was receiving $1000/month and then dies, their spouse will receive $670/month for the rest of their life.


The Pop-up Benefit

If the spouse passes away before the pensioner, the pension will be increased to the amount of benefit had no Joint Survivor Option been elected.

(The actuarial reduction is based on the age of the pensioner and the spouse at the time of retirement.)

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Death Benefits

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The death benefit is equal to the full amount of the member’s contributions less any pension benefits paid.

If the pensioner did not choose a Joint and Survivor Benefit Option, or if there is no surviving spouse, the beneficiary would receive an amount equal to the total contributions less the total pension payments received.

If an active member dies before reaching retirement, the death benefit will be equal to the full amount of their contribution.

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Disability Benefits

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An active member becomes eligible for a disability benefit at any age if:

  • The member becomes totally and permanently disabled
  • The member has made at least $1,300 of contributions to the Plan

The member would then be eligible for a monthly disability benefit equivalent to what the normal retirement pension benefit would be, reduced by 3% for each year before 65.

For example, if the member became permanently and totally disabled at age 55, that would leave 10 years until retirement multiplied by a 3% reduction per year for a total benefit reduction of 30%.

$62,400

Total participant contributions at the time of disability


$1,092

Normal Retirement Pension at age 65

-

30%

Disability Pension Reduction

=

$764.40

Lifetime monthly Disability Pension

If the member lives to 85, they would collect $275,184 in pension payments.

Annual Tax Benefits

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Members can deduct up to $7,000 (or 25% of their income, whichever is less) in TMRP contributions on income tax returns annually — thus lowering their adjusted gross income (and, in turn, taxes payable).

When combined with their 401(k) contributions, members can deduct up to $19,500 of contributions on their income taxes — those 50 and up can deduct up to $26,000 of contributions on their income taxes.

*Annual tax return rates are subject to IRS tax law changes and adjustments

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