2 percent experience apportionment for Pension Plan effective July 1

June 08, 2020
2020 marks the eighth consecutive year the Board of Directors of the Board of Pensions has granted an apportionment, a permanent increase in credits and benefits under the Pension Plan.

A 2 percent experience apportionment for the Pension Plan takes effect July 1, 2020, as approved by the Board of Directors. The apportionment represents an eight-year cumulative increase of 26.4 percent.

The experience apportionment affects Pension Plan participants differently, depending upon their status. Beginning in July

  • retirees and eligible survivors will see a permanent increase in their pension benefit;
  • active members will see an increase in their projected pension benefit on Benefits Connect; and
  • members vested in the Pension Plan who no longer work for a PC(USA) employer will see a permanent increase in pension credits accrued, expressed as a percentage of those credits.

    These members will be notified of the increase next month when they also will be able to view their projected pension benefit through enhanced access to Benefits Connect.

The Pension Plan's funded status as of December 31, 2019, was 123.8 percent.

Learn more about the experience apportionment process.