The Oakland Michigan Defined-Benefit Pension Plan and Trust Agreement is a comprehensive pension program established for the employees of Oakland, Michigan. This agreement aims to provide retirement benefits based on a predetermined formula and is designed to ensure financial stability during retirement years. The plan creates a trust fund to hold and grow the pension assets, which are then distributed to eligible retirees. The Oakland Michigan Defined-Benefit Pension Plan and Trust Agreement offer various types of benefits, including: 1. Regular Retirement Benefits: This type of benefit is available to employees who have reached the plan's specified retirement age and have completed a certain number of years of service. The retirement benefit amount is determined based on factors such as years of service and the employee's average salary over a specific period. 2. Early Retirement Benefits: In some cases, employees may be eligible for early retirement before reaching the plan's normal retirement age. However, early retirement benefits may be reduced compared to regular retirement benefits. 3. Disability Benefits: The plan also provides disability benefits for employees who become disabled and are unable to continue working. The eligibility and benefit amount are determined based on the plan's disability provisions. 4. Survivor Benefits: In the unfortunate event of an employee's death, the plan may offer survivor benefits to their spouse or designated beneficiaries. These benefits ensure financial support to the surviving family members. The Oakland Michigan Defined-Benefit Pension Plan and Trust Agreement operates based on sound investment strategies and prudent management of the pension fund. The plan's trustee(s) oversee the management and investment of the trust assets, following applicable laws and regulations. Employee contributions, along with contributions from the employer, help fund the pension plan and ensure the availability of retirement benefits. The plan is typically structured to provide a secure long-term retirement income, offering a significant advantage to employees seeking stability and financial peace of mind in their retirement years. It is important for employees to thoroughly understand the terms and conditions outlined in the Oakland Michigan Defined-Benefit Pension Plan and Trust Agreement. Regular updates and educational programs regarding the plan are provided to keep employees informed about their retirement benefits and options. Overall, the Oakland Michigan Defined-Benefit Pension Plan and Trust Agreement exemplify the municipality's commitment to supporting and rewarding its employees' long-term service by offering a reliable and comprehensive retirement benefit package.