Pension and Retirement
Pension Program
The JHH Retirement Program is geared to meet the needs of our long-term employees by:
- providing guaranteed, stable income during retirement that is not subject to the stock market’s performance
- providing employees with an opportunity to supplement their retirement income
How does a JHH employee meet his or her retirement goals?
Retirement Replacement Income has three parts:
- JHH-provided benefits
- Social Security monthly payments
- Personal savings, 403(b) savings, etc.
Individuals need to replace 74% to 83% of their salary in retirement to maintain pre-retirement lifestyle.
Example
A recent retiree, 65 years old with 38 years of service:
- Final Average pay - $34,819
- Last Full Year Wages - $37,373
- Target Replacement $28,403 (or 76%)
- JHH Monthly Pension Benefit $1,206 + Monthly Social Security Benefit $1,274 =
- $2,480/month
- $29,760/year
- Total Replacement Percentage = 80%
Exceeds target replacement by 4% without using personal savings!
