- Departments
- Personnel
- Pension Program
Pension Program
The Berrien County Employee's Restated Retirement Plan is a defined benefit plan. For an individualized pension estimate, please contact Shelley Jasper in the County Administration Office.
Factors
Specific benefit is based upon the following four factors:
- Benefit Multiplier
- Length of Service (Credited Service)
- Average Monthly Earnings (final average compensation)
- Age
Note: Risks are borne solely by the Employer (Investment risk, mortality risk, inflation risk, prior retirements, promotion risk, disability risk).
Formula
(Benefit Multiplier x Average Monthly Earnings) x Credited Service = Monthly Straight Life Benefit
Growth of Pension Fund
| Date | Value |
|---|---|
| December 2001 |
$110,014,136.00 |
| December 2002 |
$97,233,156.00 |
| December 2003 |
$113,381,353.00 |
| December 2004 |
$120,227,587.00 |
| December 2005 |
$123,262,986.00 |
| December 2006 |
$135,593,221.00 |
| December 2007 |
$139,842,503.00 |
| December 2008 |
$99,168,364.00 |
| December 2009 |
$117,740,654.00 |
| December 2010 |
$130,545,617.00 |
| December 2011 |
$126,764,450.00 |
| December 2012 |
$136,874,798.97 |
| December 2013 |
$162,075,320.72 |
| December 2014 |
$169,756,911.65 |
| December 2015 |
$146,001,123.00 |
| December 2016 |
$154,066,086.00 |
| December 2017 |
$169,857,191.00 |
| December 2018 | $174,127,689.00 |
| December 2019 | $180,808,278.00 |
Investment Manager
Russell Investments serves as the manager of managers within the framework of the adopted investment policy.