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Benefits at Retirement
The term “retirement” refers to the time at which a participant’s monthly pension benefits begin. Since its inception in 1967, the Plan has used a defined benefit formula to determine pension benefits. In 1997, GERP added an alternative method of computing benefits known as the money purchase pension. Participants receive the higher of the two benefit amounts. Both methods are described in detail below.
In addition to the annual statements provided to all participants, the GERP administrative staff can prepare estimates of benefit amounts to assist participants who are nearing retirement. A final review of pension computations is conducted by the Retirement Board, which must approve each pension prior to its start.
The benefits payable upon a participant’s death depend on his or her employment status at the time of death and the length of credited service completed. The tables below outline the benefits available. GERP provides forms for the designation of beneficiaries and encourages participants to periodically review the information on file to ensure that it is current.