The POAB Fund provides two separate benefits for our members.
The Retirement benefit is provided to all members who have met the Vesting Requirements of retirement. The base rate for each year of creditable service is $30.00. To calculate your base rate pension amount (Single Life Option), we multiply the years and months of creditable service by the base rate amount.
At retirement, a member can choose to designate survivor benefits to a spouse. Retirement Option allow a surivor to draw either 100% or 50% Joint Life Annuity.
The death benefit is provided to the member's beneficiary. A beneficiary can be anyone the member chooses and can be changed at any time by completing and returning the Beneficiary of Death Benefits Designation form.
The Death Benefit amount provided to the beneficiary is determined by the stage of membership at the time of death.