Business Services Industry
Dual formulas make a good mix. (benefit accrual formulas)(Spotlight Report: Pensions & Retirement Plans)
Business Insurance, April, 1998 by Geisel, Jerry
Shell Oil Co.'s newly designed pension program may be the ultimate in giving employees choice and empowerment. Employees at the Houston-based petroleum giant can choose each year between two benefit accrual formulas within one pension plan. Under one formula - in place at Shell for many years - pension benefits are based on final average pay.
The formula includes an age- and service-based point system, in which employees whose age and years of service equal 80 are eligible for heavily subsidized early retirement benefits. The new formula - known as a pension equity plan - also bases benefits on final average pay. But unlike the heavily backloaded traditional plan, in which benefits sharply increase in value when an employee hits the...
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