| Kaiser Permanente
Physician & Employee Retirement Plan (KPPERP) |
|
The Retirement
Plan |
| |
|
Corporate paid |
| |
|
Eligible on first anniversary
of employment (if a minimum of 1,000 hours is worked during
the first calendar year): |
| |
|
|
A defined benefit plan |
| |
|
|
Death benefits to designated Beneficiary(s), if vested |
| |
|
|
Benefits are provided beginning at age 65 |
| |
|
Retirement: |
| |
|
|
Early retirement (at age 55 with a minimum of 15 years
of service) provides
actuarially reduced pension payment |
| |
|
|
Normal Retirement at age 65 or later |
| |
|
Retirement income is based on: |
| |
|
|
Final Average Monthly Compensation (FAMC):
Your highest compensation rate during a consecutive 60-month
period |
| |
|
|
Credited Service:
Year of credited service = calendar year (beginning at
date of hire) in which compensated for 2,000 hours; proportional
credited service = compensated hours divided by 2,000
|
| |
|
How your benefit is calculated: |
| |
|
|
The normal retirement (age 65) benefit is calculated
using a formula based on: |
| |
|
|
Your years of credited service; and |
| |
|
|
Your final average monthly compensation |
|
|
|
This benefit formula works like this: |
| |
|
|
1.3% of your final
average monthly pay |
x |
Your years of credited service
|
+ |
1.59% of your final average
monthly pay
(Above Social Security Covered Compensation) |
x |
Your years of credited service
up to 35 years |
|
| |
|
Payment Options: |
| |
|
|
Single life annuity, joint & survivor annuity, guaranteed
years of payment or single sum payment |
| TSPMG
401(k) Plan |
| |
|
Voluntary Plan |
| |
|
You are eligible to enroll the first of
the quarter after six months of employment |
| |
|
You may contribute between 1% and 60% of
your eligible compensation to the plan |
| |
|
If you currently have a 401(k)
or TSA/ 403(b), you are eligible to roll pre-tax contributions
into TSPMG’s plan from your date of hire |
| |
|
The 2006 IRS maximum contribution
is $15,000 for those under 50 years of age and $20,000
for those over age 50 |
