UNIT BENEFIT PLAN
A Unit Benefit Plan is a benefit plan provided by an employer specifying that an employee must receive retirement benefits based on a percentage of the employer’s earnings for each year of tenure rendered by the employee. The standard percentage of a unit benefit plan ranges from 1.25%-2.5%. Upon retirement of the employee, his or her years of tenure are multiplied by the percentage from the employer and multiplied again by the average salary for his entire career. The calculated amount will be his or her annual retirement benefit.
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