10-14-09: Delphi Retirement Calculation Spreadsheet
- Details
- Last Updated: Tuesday, 02 December 2014 20:58
- Published: Wednesday, 14 October 2009 22:07
Through the years, there has been a pension calculator on the Fidelity Netbenefits webpage which would allow you to project your Delphi pension for anticipated retirement dates. That link is no longer available.
DSRA is providing this Excel spreadsheet which should provide a rather good estimate of what your Delphi pension would have been for a future retirement date. The only modification from the original Delphi rules is that eligibility time to qualify for early retirement gates ceased to accrue on August 1, 2009. This is a result of the PBGC becoming the trustee for the pensions.
Please be aware that the only PBGC factor in this estimate is the fact that if you did not qualify for an early retirement by August 1, 2009, then you will never qualify for that early retirement pension.
There are “red” cells in this spreadsheet. These are the cells into which you must enter numbers that represent your data. The sequence to proceed, step by step, is:
On the worksheet “Delphi Pension at 65”,
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Enter your Credited Service for Part A as of September 30, 2008, the date the pension was frozen.
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Enter your total contributions to Part B that were made after October 1, 1979
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Enter your average monthly salary for the five year period October 1, 2003 through October 1, 2008 (the last five years prior the date the pension was frozen)
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Enter your Credited Service for Part B as of September 30, 2008, the date the pension was frozen.
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Now, in the red cell in column N, enter the Part A pension number from the several choices provided which depend upon your job level. These are the numbers in Row 12.
On the worksheet “Age Reduction Calculation”,
You have to pick either the left column or the right column. You use the left column if you qualified for an early retirement category prior to August 1, 2009. This would mean that prior to August 1, 2009 you had 30 years service, or you had 85 points, or you had 10+ years and were 60 or older. The right hand column will be your column if you had not qualified for an early retirement category prior to August 1, 2009.
You must select an age at which you wish to retire in years and months. If you are in the left column (pension annuitized from age 62), you will look up your factor in Chart A of the Age Reduction Chart Worksheet. If you are in the left column (pension annuitized from age 65), you will look up your factor in Chart B of the Age Reduction chart Worksheet. Type this into the appropriate red cell. Your pension will be the number at the bottom of the column.
The worksheet “Early Retirement Supplements”
This applies only if you have either “30 years” or “85 points with under 30 years” prior to August 1, 2009. If you are in the “30 year” category, the left column computes your supplement which would have been paid up to age 62. If you are in the “85 points with under 30 years” category, you must use the right column. In this case you must input a number which you will estimate from the data provided.
This applies only if you have either “30 years” or “85 points with under 30 years” prior to August 1, 2009. If you are in the “30 year” category, the left column computes your supplement which would have been paid up to age 62. If you are in the “85 points with under 30 years” category, you must use the right column. In this case you must input a number which you will estimate from the data provided.
The PBGC Computations
This spreadsheet does not compute what the PBGC will do with your pension other than acknowledging that all accrual of time towards early retirement eligibility ceased on August 1, 2009. The DSRA is in communication with the PBGC. Once those discussions have been completed, the DSRA will determine if it is possible to produce a spreadsheet which will provide a PBGC estimate or not – their methods can be very complex.