CAPP Study

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Anonymous
ID:
77163
Filename:
CAPP Study
Updated:
2011-04-03 23:48:55
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pension
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Description:
Need to know terms for the CAPP
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  1. Counts
    • As of 11/2005
    • 37,419 Actives
    • 69,851 TVs
  2. Eligibility
    Later of age 21 and one year of Elig Svc (1,000 hours in first anniv year or any calendar thereafter)
  3. Age
    Begin and end dates round to FOMCWNF
  4. Vesting Service
    Plan year (1/1-12/31) in which 1,000 hours are worked
  5. Vesting
    • DOT < 1/1/08, vested after 5 years of VS
    • DOT >= 1/1/08, vested after 3 years VS
  6. Breaks in Service
    • BIS = Plan year with < 501 Hours
    • Prior Svc disregarded if BIS >= 6 years
  7. Compensation Projection
    Last full year (no LTD, Sick, Term-rehire, 1000 hours worked) is used. No increase applied to that rate for calc year. Partial years are prorated by actual days worked / 365
  8. Disability Compensation
    Last full year used, but it there is a year with 1,000 hours after the last full year, actual comp is used in that year
  9. Compensation Limits
    Unrounded rate is projected forward and rounded down to the nearest multiple of $5,000
  10. Pay Credit Eligibility
    • Plan Year >= 1997
    • Participant earns a year of VS
    • Participant is a participant for at least one day
    • Participant earns compensation
  11. Pay Credit Compensation
    • Only Comp after the DOP (prorate). Pay Cr % based on years of VS at the beginning of the year
    • 0-2: 2.0%
    • 3-4: 2.5%
    • 5-9: 3.0%
    • 10-14: 4.0%
    • 15-19: 5.0%
    • 20-24: 6.0%
    • 25+: 8.0%
  12. Interest Credits
    • Rate: MAX(5.25%, 30-Year from Nov prior)
    • [1 + (i^0.25)] - 1
  13. Macy's East Enhanced Benefit Offer Eligibility
    • Active on January 21, 1997
    • Hourly on 1/21/97
    • Paid at least 501 hours in 1996
    • At least 55 at DOT and hired < 5/30/87 OR Hired prior to 5/30/67
  14. Macy's East Enhanced Benefit Offer Amount
    • Based on Comp in 1996 and location
    • >=20k: NY - 17,500; Other - 15,000
    • 10-20k: NY - 12,500; Other 10,000
    • <10k: NY - 7,500; Other - 5,000
  15. Special 1999 Enhanced Benefit Offer Eligibility
    • Active on 2/23/99
    • Hourly on 2/23/99 and not CBA covered
    • Paid at least 501 hours in 1998
    • At least 55 at DOT and hired < 6/30/89 OR Hired prior to 6/30/69
  16. Speical 1999 Enhanced Benefit Offer Amount
    • Based on Comp in 1998
    • >=20k: 20,000
    • 10-20k: 15,000
    • <10k: 10,000
  17. Minimum Benefits
    • Western Conference of Teamsters
    • Local 852 IBT "Affected Participants"
  18. Protected Benefit
    • Prior Plan benefit as of 12/31/96 ERF & OF under prior plan and compared to CAPP options
    • TBD - CAPP AE ERF applied and greater benefit applied
  19. Grandfathered Benefit
    If ppt was 55 & 10 before 1/1/02, eligible to have prior plan provisions continued and minmium benefit based on that compared to CAPP (all options available under Prior Plan except SLA)
  20. PIA
    • Pay from YOH + 1 projected back at NAE
    • Pay from last full year of employment is projected levelly foward through the SSNRA.
    • [Need bridging rules]
  21. Normal Retirement Date
    FOMF MAX(65th, 5th anniversary of DOP)
  22. Early Retirement
    As long as vested, any time after DOT
  23. Late Retirement
    No Increase, just CAPP balance to Determination Date
  24. Disability
    Earn Pay and Interest Credits through NRD.
  25. RASDs
    No Interest
  26. RMDs
    Calculatio of the CAPP not affected by the participant continuing to work past age 70 ½.
  27. Actuarial Equivalence
    • No Plan Basis
    • Prior November lookback for PPA
  28. Optional Forms
    SLA, 50JS, 66JS, 75JS, 100JS, 5CL, 10CL, 20CL, SSLIO, LS
  29. Joint & Survivor
    • All based on 100% J&S Factor
    • 100% J&S Factor = 0.800 + [0.005 * 65 - BCD Age)] + 0.01 * (BeneAge - BCDAge)]
    • 75JS = (4 * 100JSFact) / (3 + 100JSFact)
    • 66JS = (3 * 100JSFact) / (2 + 100JSFact)
    • 50JS = (2 * 100JSFact) / (1 + 100JSFact)
  30. Certain and Life
    • Base Factor + [Adj Factor * (65 - BCDAge)]
    • 5CL: Base = 0.980; Adj = 0.003
    • 10CL: Base = 0.940; Adj = 0.006
    • 20CL: Base = 0.800; Adj = 0.015
  31. Mandatory Cashout
    Under $1,000
  32. Death Benefit
    • Spouse can take LS (= Ppt's LS) or Defer Annuity (=Ppt's annuity)
    • Non-Spouse only can take Immediate LS

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