Final Pay Pension Benefit at a Glance
This is the Summary Plan Description for benefits under the Pacific Gas and Electric Company Retirement Plan (the "Retirement Plan") Final Pay Pension formula for union-represented participants. Separate summary plan descriptions are provided to describe the benefits and eligibility for other Retirement Plan formulas.
  • Under the Retirement Plan's Final Pay Pension formula, you earn a pension benefit based on your pay and your years of credited service at retirement.
  • Participation in the Retirement Plan for most employees (excluding hiring hall, temporary additional or outage employees) begins on your first day with the Company; there is no waiting period to begin earning a benefit.
  • You're 100% vested in your Final Pay Pension after five years of eligible service with the Company or reaching age 55 while an employee of the Company.
  • When you retire, you receive a fixed monthly benefit (an "annuity") for life.
  • You may retire as early as age 55, but your monthly benefit will be reduced for early retirement, unless you have enough credited service to qualify for an unreduced pension.
  • If you retire before age 65 and have at least 30 years of credited service, there is no reduction in your monthly pension benefit for early retirement.