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**** updated may 18 01 -  changed words accrual of VACATION time to accrual of pension $$

The square blocks are typical of your current vested value as of Jan 1, 199x as shown in your "personal benefit report ". This report was sent to you usually in August of every year until 1998. The "notch" or ' sawtooth ' is caused by two items. 1) The annual change in covered compensation [ 35 year average of SS wage base ] and in some years the drop-off in December of the lump sums awarded 60 months previous. Paid M2 is what the calculation formula would show if you were to retire on the given month. In * some * but not all cases, Boeing would give you the highest value in Dec, which could result in several months with no accrual of pension $$ Note that due to the 2000 hour per year limit on credited service, your credited service is exactly the same for Dec and Jan, and in most cases for salaried , also Nov. In some cases, your calculations catch up in a month or two, in some cases, 5 or 6 months. The Paid M2 is always higher then the shown vested because the vested numbers use only your salary history and not the effects of the lump sum. In my opinion, the Benefit Correct line M3 is what the plan documents - properly interpreted really mean.