Welcome to the Pension Plan section of My Life at Children’s. In this section you will find all the information you need about available pension benefits. Select an option from the menu at the left for more details.
Pension Plan
The Children’s Employee Retirement Plan (Pension Plan) provides eligible employees with a monthly income during their retirement years. In addition, the Pension Plan may provide income protection for a surviving spouse of a deceased vested employee or retiree. The information below is a general summary of the Pension Plan. See the Pension Plan documents under Resources at the left for more details.
How the Plan Works
If you were hired/rehired before Dec. 24, 2006, you may be eligible to receive monthly retirement income and income protection for your spouse through the Pension Plan. Your monthly benefit is calculated using a formula that includes pay and years of service. You vest in (or own) your Pension Plan benefit after five years of employment during which you complete at least 1,000 hours of service each calendar year. Employees hired on or after Dec. 24, 2006, are not eligible for the Pension Plan. An employee rehired on or after Dec. 24, 2006, and who was previously vested in the Pension Plan will not receive any additional funding or service credit toward his/her pension benefits.
Example
Here is an example of how your pension benefit is calculated. For example, we will assume you make $4,200 a month, have 30 years of service and retire at 65:*
| 1% x $4,200 x 30 = |
$1,260 |
| + .5% x ($4,200-$400) x 30 = |
+ $570 |
| Monthly Benefit |
$1,830 |
| *The example is meant for sample purposes only and does not represent any guarantee of payment. To view a full explanation of how pension benefits are calculated, see the Employee Retirement Plan Summary Plan Description under Resources at the left. |
When Benefits Begin
You must be fully vested to receive pension benefits. If you leave Children’s before you are vested, you are not eligible for pension benefits.
| If you have… |
Benefits can begin… |
| At least 10 years of vesting service |
Any time on or after your 55th birthday |
| Less than 10 years of vesting service |
On the first of the month after you turn 65 |