Memorial’s defined benefit (DB) pension plan is a central component of the University’s benefits package and provides members of the plan with a retirement pension based on a formula that uses the average of an employee’s salary over their best five years, pensionable service and a 2 per cent accrual factor. The University’s DB plan is mandatory for full-time permanent employees and for contractual employees who have been appointed for a period of six months or greater and work at least 20 hours per week.