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An accrued benefit is your pension benefit you have earned based on the retirement formula, your years of service, age at the time of retirement, and salary.
The Salary Pension Plan accrued benefit formula (commonly referred to as a final average pay benefit) was frozen on December 31, 2020, and no further benefits accrue under that formula after that date.
The Hourly Pension Plan accrued benefit formula was frozen on December 31, 2022, and no further benefits accrue under that formula after that date. |