Defined Benefit Pension
Your Defined Benefit Pension Plan provides a monthly benefit for life upon your qualified retirement. You become eligible to participate in the plan upon the first of any year in which you perform one hour of covered employment and begin to earn vesting credits. You must accrue five years of vesting services to be considered “fully vested” in the plan and eligible for benefits upon retirement, provided you meet the other requirements for benefits. Vesting credits are earned based on the hours you work each plan year.
The amount of benefit you accrue is a fixed percentage of the amount of contributions required to be made on your behalf. The percentage after 2009 is 1% of contributions.
Eligibility For Retirement Benefits
The following types of retirements may be available to participants who are fully vested:
If eligible, the Plan may also provide death benefits to a surviving spouse or other designated beneficiary.
For more information about your Defined Benefit Pension Plan, please refer to the Summary Plan Description.