Advocate Health Care
Benefits

 


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Pension Plan - Benefit Formula


The formula used to calculate this contribution will depend on your Advocate hire (or rehire) date. If your hire (or rehire) date is:
  • On or after January 1, 2013—your annual Pension Plan account contribution will equal:
    4% of your eligible pay up to 85% of the Social Security Wage Base
    plus
    6% of your eligible pay in excess of the Social Security Wage Base up to the maximum compensation that can be considered in calculating a pension benefit, as set by the IRS each year.
  • Before January 1, 2013—your annual Pension Plan account contribution will equal:
    5% of your eligible pay up to 85% of the Social Security Wage Base
    plus
    7% of your eligible pay in excess of the Social Security Wage Base up to the maximum compensation that can be considered in calculating a pension benefit, as set by the IRS each year

The Social Security Wage Base is the maximum amount of pay that is subject to Social Security taxes, as set by the Social Security Administration each year. The current Social Security Wage Base, maximum compensation amount that can be considered in calculating a pension benefits and other plan limits are available on here.