Other Important Plan Information
In addition to the benefit provisions explained in this summary, there are also a number of administrative matters you should know about. Some of these matters are described briefly below.
Loss or Reduction of Benefits
There are certain circumstances under which your Retirement Plan benefits may be lost or reduced. These circumstances include the following:
  • Employees participating in the Final Pay Pension Benefit who terminate employment with the Company prior to age 55 and before earning five years of credited service (or ten years prior to 1989) lose the right to receive Retirement Plan benefits.
  • Employees participating in the Cash Balance Pension Benefit who terminate employment with the Company prior to age 55 and before earning three years of credited service lose the right to receive Retirement Plan benefits.
  • If you elected to receive your Retirement Plan benefits in the form of a basic (unreduced) pension, Retirement Plan payments will stop at your death. A continuing pension will not be paid to your spouse or any other person after your death.
  • If you contributed to the Retirement Plan before 1973 and withdrew your contributions and interest when your employment terminated, any annuity or pension to which you are entitled will be reduced.
  • If you receive a lump sum distribution from the Retirement Plan, you are not entitled to any other benefits from the plan (unless you also have a separate final pay benefit also payable to you.
Facility of Payment
  • After your employment ends, you will receive periodic information regarding your Retirement Plan benefits. It is your responsibility to keep PG&E informed of your current address. If you want to change your address, you must call the PG&E Benefits Service Center at 866-271-8144 (open weekdays from 7:30 a.m. to 5 p.m. Pacific time). You can also update your home address through the PG&E Internet portal at https://myportal.pge.com.
  • If you change your address, PG&E will use best efforts to locate you. In the event that you or your beneficiary cannot be located on the latest date that your benefits must begin, or are otherwise due and immediately payable under the terms of the Retirement Plan, your benefits will be forfeited and used to reduce the cost of the Plan to the Company. If you're later located, your benefits that were forfeited will be reinstated without any earnings or interest adjustment.
  • If you are entitled to any payment under the Retirement Plan, and the Plan Administrator determines that you are physically or mentally incompetent and no guardian or conservator has been appointed to receive your payment, the Plan Administrator may make payments on your behalf to a third-party to be applied for and on behalf of and for your benefit. Payments made on your behalf will completely discharge the Plan's responsibility for the amount of the payment.
In the Case of Divorce
Under current California law, certain Company-provided employee benefits which you earned while married are community property and, thus, can be divided between you and your ex-spouse by court order in a divorce proceeding.
The Retirement Plan is a pension plan which is governed by the Employee Retirement Income Security Act of 1974 (ERISA). Under ERISA, Retirement Plan benefits may not be divided between the parties in a divorce except through a Qualified Domestic Relations Order (QDRO).
A QDRO is a judgment, decree or order which relates to the provision of child support, alimony or marital property rights to an alternate payee (including a spouse, former spouse, child or other dependents). It creates or recognizes the existence of an alternate payee's rights. The QDRO also assigns to an alternate payee the right to receive all or a portion of the benefits payable to a participant under a plan.
For detailed information regarding how divorce affects your Retirement Plan benefits, or a free sample QDRO and QDRO procedures, you can call the PG&E Benefits Service Center at 866-271-8144 (open weekdays from 7:30 a.m. to 5 p.m. Pacific time).