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  • Summary Plan Descriptions
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What Makes the Cash Balance Pension Plan Different from Many Other Pension Plans?

Your pension benefit is expressed as an "account balance," like a savings account balance, so the dollars and cents make sense—you can see just how much you've accumulated toward retirement.

Quick Reference

• You earn a pension benefit that provides a monthly income after retirement. You make no contributions. Each year the Company contributes a percentage of your pay to an account on your behalf. The percentage of your pay the Company contributes is based on your years and months of service and your age.
• 6% interest will be credited to your account based on the value of your account as of December 31 of the prior year.
• Up to 50% of your annual Cash Balance contribution can be deposited to your Thrift or Savings Plan account to give you greater flexibility and control over how your retirement funds are invested.
• You are 100% vested in your account, which means you can take your account balance with you if you leave the Company.
• You have survivor protection flexibility—you can choose Single Life, 100% Joint and Survivor, 75% Joint and Survivor, or 50% Joint and Survivor Annuities as payment options to provide financial security for your beneficiary.
• You can receive payments in a lump sum or a 50% lump sum plus 50% as one of the annuity benefit forms.
• Depending on the form of payment, special tax laws may apply.