Retirement Plan — Cash Balance Pension Benefit
The Retirement Plan is a "defined benefit" plan, which means eligible participants receive a fixed pension benefit that is based on a defined formula reflecting credited service and pay. The Retirement Plan has two pension benefit formulas, and this section describes the Cash Balance pension formula.
Benefits under the Cash Balance formula are based on your accumulated pay and interest credits, and are payable as a lump sum payment or a monthly annuity payable for your lifetime, or for the combined lifetime of you and your spouse or named beneficiary.
Employees who elected to participate in the Cash Balance Pension formula during the one-time pension choice period in 2013 stopped earning benefits under the Final Average Pay Pension formula when the Cash Balance Pension benefits are effective.