What Benefits Will I Receive?
The amount of benefits is determined by two factors: Contributions + or - Investment Performance = Account Balance
The contributions made by you and your Employer are invested in your name, and your account is credited with all the income and other investment return. You have the right to self-direct the investment into several different types of funds.
Let's assume that you retire at 65 years of age after participating in the Plan for 35 years and further assume that both you and your Employer contributed the minimum of 3% of your compensation each year. The chart illustrates the approximate amount of monthly annuity income, assuming average investment performance of 7%, 9% or 11%, over the 35 year period.
The projected income in the chart is based on minimum contributions required under terms of the Retirement Plan. This income may be increased if:
- Employee's salary increases.
- The Employer contributes more than the 3% minimum.
- The Participant makes additional Voluntary Contributions or participates in the CCOERA Deferred Compensation Plan.