Lay Employees’ Retirement Plan Status Information

Download PDF

Plan History & Structure

Benefit Provisions

Normal Retirement Age
Social Security Normal Retirement Age (SSNRA) and 5 years of service - SSNRA = 65 if born before 1943; 66 if born 1943–1959; 67 if born after 1959
Final Average Earnings (FAE)
Average of highest 10 years of earnings
Normal Retirement Benefit
1.5% x FAE x credited service

Participant Data

As of July 1, 2022

Participant Category Number Average Age Average Service Average Earnings Average Monthly Benefit
Active 8,165 49.3 9.7 $38,018 N/A
Terminated Vested 5,041 53.1 N/A N/A $420
Retirees 10,931 74.5 N/A N/A $814
Beneficiaries 972 74.2 N/A N/A $588
Total 25,109

Funded Status

As of July 1, 2022

Present Value of Accumulated Benefits (PVAB)
$1,497,600,000
Market Value of Assets
$1,322,500,000
Overfunded/(Underfunded) PVAB
($175,100,000)
PVAB Funded Percentage
88.3%