Reduction of Pension for Spousal Option
As most of you know, the pensions of Oak Ridge contractor employees are reduced by a factor when you take the spousal option. The reduction factor for this option was changed for all active BWXT and ORNL employees effective June 30, 2004.
If you terminated employment on or after June 30, 2004, a factor of .98 will be applied to your life amount to determine your 50% joint and survivor benefit. This is a 2% reduction of benefit.
The reduction factor for all other retirees under the Mult-Employer Pension Plan (the MEPP or BWXT administered plan), are higher and depend on the ages of the retiree and the spouse at retirement. The multiplier to find the pension is given on the BWXT employee benefit website .
The table may be seen at this by clicking here for the file on this site: Spousal Reduction Table. Find your age and your spouses age at retirement, and where the two cross tells you the reduction factor that you are experiencing from the unfair practices of DOE.
October 24th, 2007 at 10:09 am
The Rubaiyat
by S. Khayyam
“A Book of Orders underneath the Bough,
A Jug of Wine, a Loaf of Bread–and Thou
Beneath me sitting in the Monkey Tree —
Oh, Bureaucracy were a Power Base enow!”
“Ah, make the most of what little DOE may spend,
Before ye too into the Dust Descend;
Dust into Dust, and under Dust, to lie,
Sans COLA, sans Multiplier, sans Reduction and — sans End! “