Get Medical Disability Insurance Questionnaire ... - Cta Pension

The maximum annual annuity is an amount equal to 60% of the highest annual salary earned. If a Participant retires under age 60 with less than 20 years of service, the amount of Employer contributions are reduced by 10% for each year of service under 20 years in determining accumulated credits at retirement.

The CTA plan allows you to put aside part of your salary in a tax-advantaged way until you need it at retirement. When you enroll in the plan, your contributions to your retirement account will happen automatically every time you get paid. This will help make sure you are meeting your retirement savings goals.

At retirement age, pension payments are made to employees periodically, usually monthly. The pension payment amount is typically based on the employee's salary and years of service. Pension payments can be made in various ways, including single-life annuity, joint and survivor annuity, or lump sum payments.

Employees having at least ten (10) years of continuous participation in the Plan are vested. If an employee separates from service from the CTA after they have vested, but prior to being eligible to retire, they have the ability to apply for a deferred, vested pension which would begin at age sixty-five (65).

As an educator in the State of California, you pay into CalSTRS/CalPERS, which is a pension. Both CalSTRS and CalPERS are traditional defined benefit plans that provide retirement, disability, and survivor benefits.

The CTA plan allows you to put aside part of your salary in a tax-advantaged way until you need it at retirement. When you enroll in the plan, your contributions to your retirement account will happen automatically every time you get paid. This will help make sure you are meeting your retirement savings goals.

CTA employees also get what is called an “early retirement subsidy,” which in effect means the 3.0 percent multiplier is used at any point after age 50. This is an incredibly generous value. Eliminating it retroactively would indeed have a dramatic impact on the expectations of CTA employees nearing retirement.

Call 1-888-YOUR-CTA (1-888-968-7282) and choose option 4 for Human Resources or e-mail ctarecruitmentissues@transitchicago.com.