Non-contributory benefit Sample Clauses

Non-contributory benefit. The product of: (a) one of the following benefit factors : $838.40 if the member’s retirement date is after January 1, 2018, or $855.17 if the member’s retirement date is after January 1, 2019, or $878.69 if the member’s retirement date is after January 1, 2020; (This represents a 2% increase for 2018 and 2019 and a 2.75% increase for 2020). and (b) The member’s “Credited Service” (as defined in the Plan) earned under the Plan after July 1, 2002. By way of example, the annual basic non-contributory benefit payable under the Plan to a member who retires after January 1, 2018 but prior to January 1, 2019 at normal retirement age, with 4 years of credited service, would be $3,353.60 ($838.40 x 4). This would result in a monthly benefit of $279.47 ($3,353.60 / 12).