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Past Service Credit for Groups Joined Prior to January 1, 2012

Past Service Credit is determined by an eligible member's years of employment with a Contributing Employer before it made its first contribution to the Plan.  If you are eligible, the amount of your Past Service Benefit is determined by your years of Past Service Credit and your maximum contribution rate for 12 continuous months.

For purposes of determining the amount of Past Service Credit, a year is defined as 1,800 hours of employment. If you are eligible, the amount of your Past Service target benefit is determined based on your years of Past Service Credit and your maximum contribution rate for the 12 continuous months prior to your termination of participation.

To qualify for Past Service Credit, if your employer became a Contributing Employer before January 1, 2012, you must:

• have worked for your first Contributing Employer continuously from your seniority date up to the date it made its first contribution to the Plan; and,

• be a Participant in the Plan from the time your employer joins the Plan.

You may receive up to 4 years of Past Service Credit upon becoming a vested Participant in the MSPP. You may also be eligible for an additional month of Past Service Credit for every month in which contributions are received by the MSPP from you or on your behalf while you are employed by your first Contributing Employer. All Past Service benefits are target benefits.

If you are working for an employer that was approved entry into the Plan prior to your joining, you are not entitled to Past Service Credit.

Please note that under no circumstance can you receive more Past Service Credit than the lesser of seven years or your length of employment with your first Contributing Employer prior to its first contribution to the MSPP.

The pension amounts in the following charts represent Past Service Benefits only. They do not include the Future Service Benefits you will earn during your years of participation in the MSPP. These charts are for illustrative purposes only. If there are any discrepancies between these charts and the Rules and Regulations of the Plan, the Rules and Regulations will govern. 

I. MEMBERS OF EMPLOYERS
APPROVED BEFORE JANUARY 1, 2006
 

Past Service Target Benefit (per month)

Past Service Credit
Entitlement

Value of Benefit after 24 Months
of Contribution  

  Value of Benefit after 36 Months of Contribution                        

1 year

$26.60

$26.60 

2 years

$53.20

$53.20 

3 years

$79.80

 $79.80

4 years

$106.40

 $106.40

5 years

$133.00

 $133.00

6 years

$159.60

 $159.60

7 years or more

$159.60

 $186.20

II. MEMBERS OF EMPLOYERS APPROVED

AFTER DECEMBER 31, 2005  

Past Service Target Benefit (per month)
After 24 Months of Participation

Past Service Credit

Maximum 12-Month
Total Contribution Rate**

8%

7%

6%

5%

4%

1 year

$26.60

$ 23.28

$ 19.95

$16.63

$13.30

2 years

$53.20

$ 46.56

$ 39.90

$33.26

$26.60

3 years

$79.80

$ 69.86

$ 59.85

$49.89

$39.90

4 years

$106.40

$ 93.12

$ 79.80

$66.52

$53.20

5 years

$133.00

$116.40

$ 99.75

$83.15

$66.50

6 years

$159.60

$139.68

$119.70

$99.78

$79.80

7 years or more

$159.60

$139.68

$119.70

$99.78

$79.80

-

Past Service Target Benefit (per month)
After 36 Months of Participation

Past Service Credit

Maximum 12-Month
Total Contribution Rate

8%

7%

6%

5%

4%

1 year

$26.60

$ 23.28

$ 19.95

$16.63

$13.30

2 years

$53.20

$ 46.56

$ 39.90

$33.26

$26.60

3 years

$79.80

$ 69.86

$ 59.85

$49.89

$39.90

4 years

$106.40

$ 93.12

$ 79.80

$66.52

$53.20

5 years

$133.00

$116.40

$ 99.75

$83.15

$66.50

6 years

$159.60

$139.68

$119.70

$99.78

$79.80

7 years or more

$186.20

$163.66

$139.65

$116.41

$93.10


**The combined employer plus employee contribution rate must be equal to at least 8% during any 12 consecutive month period in order to earn the full Past Service Credit under the 8% column. If the combined contribution rate during any 12 consecutive month period is less than 8%, then the amount of the Past Service Credit will be pro-rated as set under the applicable column showing your 12-Month Total Contribution Rate. 

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