The NEBS Pension Plan is a guaranteed benefit plan, with an employee’s retirement income determined by a formula that accounts for the years of pensionable service with the employer and the average of the best years of an employee’s earnings.
Pensions are payable for the employee’s lifetime and are increased annually based on a cost of living formula. The Plan provides employees several early retirement options.
A pension allowance is provided for a surviving spouse and dependent children if the employee dies.
The NEBS Plan is similar to the plan provided employees of the territorial governments and federal government and a reciprocal agreement with these governments allow staff to change employers and transfer their pension.