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Advantages of Membership

Why Join the Plan?

Defined benefit pension plans like SHEPP provide members with secure, predictable retirement income for life. But there is more value in the Plan than just your income at retirement.

Membership in SHEPP provides many advantages for your retirement planning and future financial wellness. Here are just a few of the benefits to becoming a member of the Plan:

  • Predictable pension payments for life
  • For every dollar you contribute, your employer contributes $1.12
  • Early, normal and postponed retirement benefits
  • Portability transfer and service purchase provisions to maximize your pension
  • Options if you change employment
  • Survivor benefits upon your death
  • Retirement planning tools and resources
  • Support from our knowledgeable team

Predictable Lifetime Retirement Income

When you become a SHEPP member, you immediately begin building lifelong retirement income.

SHEPP is a defined benefit pension plan, which means your pension is determined by a formula based on your eligible earnings and service.

This defined benefit formula means you don't have to worry about complex investment decisions or outliving your pension. When you retire with a SHEPP pension, you can expect a predictable monthly income for life.

Because your pension is determined by your eligible earnings and service, the sooner you join the Plan and the longer you contribute, the larger your pension will be.

You can also have peace of mind knowing that market fluctuations will not impact your pension amount. As you approach retirement, you can predict how much your SHEPP pension income will be.

Options to Maximize Your Pension Benefit

If you choose to join SHEPP, there are options available to increase your credited service so you can maximize your pension benefit. All else being equal, by increasing your credited service you will increase your pension and qualify for early retirement (Rule of 80) sooner.

Purchasing Credited Service

Once enrolled in the Plan, you may choose to purchase the eligible prior service you had accumulated during the qualifying period to increase your credited service. Refer to Purchasing Credited Service for more information.

Portability Transfer

If you belonged to another registered pension plan with a former employer, you may be entitled to transfer your service credits from your former pension plan to SHEPP. Refer to the Portability Agreement Transfers Information Sheet for more information.

More Information

For more information about membership in SHEPP, please see the following: