Teachers that did not return a ballot (IMP teachers) had two retirement options. When they retired their pension benefits were calculated two different ways: the High-5 formula and the IMP formula. They were able to choose the higher-paying plan.
Teachers that choose one of the other four pension options eventually lost their option and were all switched to the High-5 formula. They had just one option and it was not the one they picked!
The table below shows the average monthly pension of the two different pension plans and the difference between a High-5 Pension and an IMP Pension.
-AVERAGE MONTHLY PENSIONS*-
Retirement Date High-5 Pension IMP Pension Difference
1998 $2,020 $2,665 + $ 645
1999 $2,039 $3,077 + $1,038
2000 $2,057 $3,357 + $1,300
2001 $2,075 $3,502 + $1,427
2002 $2,092 $3,408 + $1,316
2003 $2,108 $3,312 + $1,204 |
