Retirement Plans at a Glance
The Company offers two benefit plans that help you plan and save for your financial security after your retirement:
  • The Pacific Gas and Electric Company Retirement Plan
    • The Retirement Plan is a "defined benefit" plan, which means eligible participants receive a fixed monthly pension benefit that is based on a defined formula.
    • When you retire, the Retirement Plan will pay you a monthly income based on your years and months of credited service and your pay.
      • The benefit does not increase with inflation or otherwise over time; it is a fixed monthly amount for your lifetime.
      • You may also elect a pension payment option which will continue payments to your spouse or another named beneficiary after your death.
  • The PG&E Corporation Retirement Savings Plan for Union-Represented Employees
    • The plan is a 401(k) plan, a "defined contribution" plan. This means eligible participants receive Company contributions made to the plan based on a defined matching contribution schedule.
    • A participant's benefit varies with the amount of personal and Company contributions made to the plan as well as investment gains and losses on these contributions.
    • When you participate in the Retirement Savings Plan (RSP), the Company provides you access to Financial Engines — an unbiased, independent advisory firm offering RSP participants support and assistance in making RSP investment decisions.
More Retirement Plan Highlights
  • Participation in the Retirement Plan for most employees (excluding temporary additional or outage employees) begins on your first day with the Company; there is no waiting period to begin earning a benefit.
  • You have a vested right to your Retirement Plan benefits at age 55 or after five years of service with the Company.
  • Your pension is based on your final pay and your years of credited service.
  • You may retire as early as age 55 but the benefits 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 will be no reduction in your monthly pension benefit for early retirement.
  • Once you submit your completed retirement paperwork, any elections you have made with respect to those benefits are irrevocable, except as noted in the "Changing You Election" subsection.
  • In the event of your death while you are employed, the Retirement Plan may provide a pension for your spouse or another beneficiary you designate.