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Counts
- As of 11/2005
- 37,419 Actives
- 69,851 TVs
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Eligibility
Later of age 21 and one year of Elig Svc (1,000 hours in first anniv year or any calendar thereafter)
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Age
Begin and end dates round to FOMCWNF
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Vesting Service
Plan year (1/1-12/31) in which 1,000 hours are worked
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Vesting
- DOT < 1/1/08, vested after 5 years of VS
- DOT >= 1/1/08, vested after 3 years VS
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Breaks in Service
- BIS = Plan year with < 501 Hours
- Prior Svc disregarded if BIS >= 6 years
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Compensation Projection
Last full year (no LTD, Sick, Term-rehire, 1000 hours worked) is used. No increase applied to that rate for calc year. Partial years are prorated by actual days worked / 365
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Disability Compensation
Last full year used, but it there is a year with 1,000 hours after the last full year, actual comp is used in that year
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Compensation Limits
Unrounded rate is projected forward and rounded down to the nearest multiple of $5,000
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Pay Credit Eligibility
- Plan Year >= 1997
- Participant earns a year of VS
- Participant is a participant for at least one day
- Participant earns compensation
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Pay Credit Compensation
- Only Comp after the DOP (prorate). Pay Cr % based on years of VS at the beginning of the year
- 0-2: 2.0%
- 3-4: 2.5%
- 5-9: 3.0%
- 10-14: 4.0%
- 15-19: 5.0%
- 20-24: 6.0%
- 25+: 8.0%
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Interest Credits
- Rate: MAX(5.25%, 30-Year from Nov prior)
- [1 + (i^0.25)] - 1
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Macy's East Enhanced Benefit Offer Eligibility
- Active on January 21, 1997
- Hourly on 1/21/97
- Paid at least 501 hours in 1996
- At least 55 at DOT and hired < 5/30/87 OR Hired prior to 5/30/67
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Macy's East Enhanced Benefit Offer Amount
- Based on Comp in 1996 and location
- >=20k: NY - 17,500; Other - 15,000
- 10-20k: NY - 12,500; Other 10,000
- <10k: NY - 7,500; Other - 5,000
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Special 1999 Enhanced Benefit Offer Eligibility
- Active on 2/23/99
- Hourly on 2/23/99 and not CBA covered
- Paid at least 501 hours in 1998
- At least 55 at DOT and hired < 6/30/89 OR Hired prior to 6/30/69
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Speical 1999 Enhanced Benefit Offer Amount
- Based on Comp in 1998
- >=20k: 20,000
- 10-20k: 15,000
- <10k: 10,000
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Minimum Benefits
- Western Conference of Teamsters
- Local 852 IBT "Affected Participants"
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Protected Benefit
- Prior Plan benefit as of 12/31/96 ERF & OF under prior plan and compared to CAPP options
- TBD - CAPP AE ERF applied and greater benefit applied
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Grandfathered Benefit
If ppt was 55 & 10 before 1/1/02, eligible to have prior plan provisions continued and minmium benefit based on that compared to CAPP (all options available under Prior Plan except SLA)
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PIA
- Pay from YOH + 1 projected back at NAE
- Pay from last full year of employment is projected levelly foward through the SSNRA.
- [Need bridging rules]
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Normal Retirement Date
FOMF MAX(65th, 5th anniversary of DOP)
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Early Retirement
As long as vested, any time after DOT
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Late Retirement
No Increase, just CAPP balance to Determination Date
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Disability
Earn Pay and Interest Credits through NRD.
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RMDs
Calculatio of the CAPP not affected by the participant continuing to work past age 70 ½.
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Actuarial Equivalence
- No Plan Basis
- Prior November lookback for PPA
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Optional Forms
SLA, 50JS, 66JS, 75JS, 100JS, 5CL, 10CL, 20CL, SSLIO, LS
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Joint & Survivor
- All based on 100% J&S Factor
- 100% J&S Factor = 0.800 + [0.005 * 65 - BCD Age)] + 0.01 * (BeneAge - BCDAge)]
- 75JS = (4 * 100JSFact) / (3 + 100JSFact)
- 66JS = (3 * 100JSFact) / (2 + 100JSFact)
- 50JS = (2 * 100JSFact) / (1 + 100JSFact)
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Certain and Life
- Base Factor + [Adj Factor * (65 - BCDAge)]
- 5CL: Base = 0.980; Adj = 0.003
- 10CL: Base = 0.940; Adj = 0.006
- 20CL: Base = 0.800; Adj = 0.015
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Mandatory Cashout
Under $1,000
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Death Benefit
- Spouse can take LS (= Ppt's LS) or Defer Annuity (=Ppt's annuity)
- Non-Spouse only can take Immediate LS
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