The current* benefit formula under the WELS Pension Plan for a Normal Retirement Benefit is:
.0057 x Years of Credited Service x Benefit Basis / 12 =
Full Monthly Benefit at age 65 for Life *
* Please note that if the worker ended active service prior to January 1, 2000 and was no longer accruing service credit toward a future benefit prior to that date, this formula and the benefit calculator on this page is not valid. Please contact the Benefit Plans Office for assistance to determine the amount of your pension benefit.
If the worker commences benefits prior to reaching age 65, the full amount of the worker's Normal Retirement Benefit (estimated by the calculator below) is reduced by 0.5% for each month for each month that benefit commencement precedes the worker's 65th birthday.
Years of Credited Service are determined as provided for in Article V and Article VI of the WELS Pension Plan.
Effective July 1, 2003, the Pension Commission adopted the Pension Benefit Basis (located in Appendix D of the Plan) for use in the Benefit Basis component of the Benefit Formula for retirees going into benefit status on or after July 1, 2003. Please see the section below for further details regarding the new Pension Plan Benefit Basis.
* The participant must be vested.
Please note that the amounts calculated using this form are estimates of your potential monthly pension benefit amount from the WELS Pension Plan upon your retirement and are intended for the sole purpose of providing the worker with an approximation of their monthly benefit. The actual amount of your pension benefit may be different at the time of your retirement. Please note that WELS reserves the right to amend the Pension Plan, including, without limitation, the benefit formula under the Pension Plan.
Pension Plan Benefit Basis
For retirement dates
on or after 7/1/2012
|Years of Credited Service
||Applicable Salary ($)
|30 or more