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Annuity Plan

Account Valuation

Amount to be Paid

Upon the happening of any event calling for the payment of any benefit from this Plan, the amount to be paid, subject to the specific provisions of the following sections, shall be calculated as follows:

  1. Determine the Employee’s Individual Account as of the last Valuation Date.
  2. Add all Contributions made or required to be made with respect to the work of the Employee since the last Valuation Date.
  3. Add a proportional share, based on full months, of the investment income to be allocated to the Individual Account. The rate shall be an average based upon the passbook savings rate of four San Francisco financial institutions in effect the preceding January 1. The calculation of the proportional share of investment income shall not include any amounts that would otherwise be based on Contributions made to the Participant’s Individual Account in accordance with USERRA and Section 414(u) of the Internal Revenue Code. The total of these items shall be known as the “Accumulated Share.”

To the extent that the amounts in a., b. or c. cannot readily be determined when a benefit is payable, the Plan shall make an estimated payment to the Employee with subsequent adjustments to be made within twelve months of the initial period.

References to specific section(s) of the Plan can be found in the Official Plan Document under Plan Documents on this website.

Contact Plan Administrator

Telephone NumberPhone:
(866) 894-3705


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