Retirement Plan — Final Pay 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 Final Pay Pension formula.
Benefits under the Final Pay Pension are generally payable only as a monthly annuity; you will receive a fixed monthly amount for your lifetime, or for the combined lifetime of you and your spouse or named beneficiary.
Employees participating in the Final Pay Pension who elect to participate in the Cash Balance Pension during the one-time pension choice period in 2013 stop earning benefits under the Final Pay Pension when the Cash Balance Pension benefits are effective.