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Pension overview

Your pension is a “hands off” benefit, meaning [CLIENT] contributes to it and bears the investment risk. Plus, you are automatically enrolled as long as you meet the eligibility requirements. While you don’t need to do much, it’s important to understand certain details to ensure you don’t leave money on the table.

Here you’ll find a snapshot of your plan’s key details.* Keep in mind that pension plans can have different requirements. More information about your specific plan is available in your Summary Plan Description (SPD) at netbenefits.com.

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Key things to knowPlan A
Type of pensionTraditional pension
Cash Balance Plan
EligibilityEmployees hired before March 31, 2019
Vesting5 years of service
Benefit formulaYears of credited service * sum of 1.20% of your average monthly earnings (up to Social Security covered compensation limit)
Early retirement ageIf you are at least age 55 with 5 years of service
Full retirement agePlease see SPD for details (e.g., multiple RICs)
Leaving employmentYou may commence your benefit anytime after leaving [CLIENT].
Payment options
  • Single life annuity for unmarried and joint & survivor annuity
  • Lump sum payout
TaxesYour pension benefit is subject to IRS rules under Code §§401(a), 411, 415, 417. Lump sums and annuities taxed as ordinary income; rollover options are available.
COLA/InflationThere are no automatic cost-of-living adjustment (COLA) to monthly pension benefits. IRS compensation and benefit limits are indexed; cash balance Interest Credits vary with Treasury rates, not inflation.

NOTE: The information shown here is based on the data available at this time. If you have any questions, visit netbenefits.com to view your Summary Plan Description or contact the Fidelity Service Center.


Key terms

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Annuity payment

The set amount you receive every month once you commence your benefit, from your retirement date for the rest of your life ("an annuity").

Cash balance plan

An employer-sponsored retirement plan funded through pay credits and interest credits. Investments are managed on your behalf by [Company] to provide eligible participants with set retirement benefits for life, regardless of how the underlying investments perform

Early retirement age

The earliest date you are eligible to receive your pension benefit from the plan. When you run an estimate, you’ll be able to compare how retiring on this date impacts your benefit, as opposed to being employed by [CLIENT] for additional years.

Formula

The calculation used to determine your benefit, typically based on factors like years of service, final average salary, and the plan formula multiplier (accrual rate).

Full retirement age

The age when you can retire and receive full benefits, typically age 65. For complete details, review your Summary Plan Description on netbenefits.com.

Interest rates

A percentage used to calculate the present value of future monthly benefits. Higher interest rates generally result in a lower lump-sum payout.

Lump sum

A one-time payment of your pension benefit—typically represents the present value of your future pension benefit.

Traditional pension

An employer-sponsored retirement plan funded through a trust where contributions are invested on your behalf by [Company] to provide eligible participants with set retirement benefits for life, regardless of how the underlying investments perform.

Vesting

The amount of time (typically measured in years of service) that must elapse before your pension benefit is fully yours (subject to early retirement rules).

Consider next steps

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Model your future benefit

Log in to netbenefits.com to see how much your benefit has grown over time* and review future potential amounts based on different scenarios.

 

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Consolidate your plans

View all your accounts in one spot by moving money from a different workplace plan or outside account.

 

Learn about rollovers 🡢

*Note: Frozen pension plans may stop increasing in value. If your plan is frozen, check your Summary Plan Description to understand if your plan is still accruing.

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This website summarizes certain key details of the [CLIENT] pension plan. All benefits described on this website are subject to the terms of the governing plan documents. If there is ever a conflict or any difference between this website and the actual plan documents, the plan documents will govern.
Your pension plan will be interpreted, calculated, and administered in accordance with the terms of the official plan documents and in the event of any inconsistency, omission, or conflict, the terms of the official documents will always govern.
Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
Fidelity retail products and services are offered separately from your employer-sponsored retirement plan.
For more information, please refer to the Summary Plan Description for your pension plan.
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