FY 2013 Operating and Capital Budget - Metro Transit
FY 2013 Operating and Capital Budget - Metro Transit
FY 2013 Operating and Capital Budget - Metro Transit
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enefits under the plan <strong>and</strong> to construe the plan’s terms. There are no separate audited GAAPbasis<br />
reports for the pension plans or the OPEB plan.<br />
The Pension Plan for Salaried Employees of <strong>Metro</strong> is a noncontributory single employer defined<br />
benefit pension plan for salaried employees (“Salaried Plan”). All <strong>Metro</strong> full-time salaried<br />
employees are eligible to participate in the Salaried Plan. Employees who retire after attaining<br />
the normal service retirement age as defined in the plan, provided the employees have five years<br />
of credited service, are entitled to normal retirement benefits, payable monthly for life, based<br />
upon final average monthly earnings <strong>and</strong> years of credited service. Final average monthly<br />
earnings are the employee’s average monthly earnings for the three consecutive Plan years<br />
preceding cessation of employment producing the highest average. Participants who have<br />
attained age 55 <strong>and</strong> completed ten years of credited service may retire <strong>and</strong> receive reduced<br />
benefits. The Salaried Plan also provides death <strong>and</strong> disability benefits. The amortization periods<br />
for the plans are closed.<br />
All <strong>Metro</strong> full-time employees who are included in one of the collective bargaining units<br />
recognized by <strong>Metro</strong> are required to participate in the applicable Union Plan. The Union Plans<br />
are contributory single employer defined benefit pension plans. Participants must satisfy<br />
minimum age <strong>and</strong> service requirements for retirement <strong>and</strong> are eligible for a deferred vested<br />
pension if they leave the service of <strong>Metro</strong> with at least 10 years credited service. The Union<br />
Plans are as follows:<br />
• Bi-State Development Agency Missouri-Illinois <strong>Metro</strong>politan District <strong>and</strong> Division 788<br />
Amalgamated <strong>Transit</strong> Union, AFL-CIO Employees’ Pension Plan <strong>and</strong> Agreement (“788<br />
O&M Plan”)<br />
• Bi-State Development Agency Missouri-Illinois <strong>Metro</strong>politan District <strong>and</strong> Division 788,<br />
Clerical Unit, Amalgamated <strong>Transit</strong> Union, AFL-CIO Employees’ Pension Plan <strong>and</strong><br />
Agreement (“788 Clerical Plan”)<br />
• Bi-State Development Agency Missouri-Illinois <strong>Metro</strong>politan District <strong>and</strong> Locals No. 2 <strong>and</strong><br />
No. 309 of the International Brotherhood of Electrical Workers Employees’ Pension Plan <strong>and</strong><br />
Agreement (“IBEW Plan”)<br />
The 788 O&M Plan members are eligible for full retirement benefits at (a) age 65, (b) the<br />
completion of 25 years of credited service or (c) age 55 with 20 years of credited service.<br />
Participants who have attained age 55 with 15 years of credited service may retire <strong>and</strong> receive<br />
reduced benefits.<br />
Under the 788 Clerical Plan, members are eligible for retirement benefits at (a) age 65 with 10<br />
years of credited service or (b) the completion of 25 years of credited service. Participants in the<br />
Clerical Unit Plan who have attained age 55 with 15 years credited service may retire <strong>and</strong> receive<br />
reduced benefits.<br />
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