For members who wish to convert their accumulated retirement savings into a regular monthly income, the Plan offers a fixed monthly pension. These monthly pensions are paid from our Pensions Fund, which is invested in high-quality, long-term bonds.
Your payment amount for your monthly pension is determined by the annuity rate, your account balance and other factors. Please keep the following in mind in your planning:
- Annuity rates change monthly and are set on or around the 20th of each month. The rate the Plan sets applies to pensions beginning the following month (e.g. October 20 if the payment is to start in November).
- Your account balance stays invested until the last business day of the month before your payments are scheduled to begin. Please reach out to a Retirement and Pension Advisor if you would like to discuss your investment decision.
If you would like to start your monthly pension in November, CSS will need your completed application and all other requirements no later than October 20. On or around October 20, we will set the annuity rate for pensions beginning in November, and you will see it in the chart below as the November rate. Payments for the monthly pension are paid on the 26th of each month.
Historical annuity rates