Summary Plan Description

Vesting

Vesting means you gain a permanent right to earned benefits, even if you stop working in covered service. Vesting is based on credited service earned under this plan and, in certain circumstances, under reciprocal plans (please see "Reciprocal Plan Service" on pages 11-12). The current vesting rule was established on January 1, 2007 and requires three years of credited service in this plan or in combination with one or more reciprocal plans. At least one year of credited service must be in this plan. If you participated in this plan prior to January 1, 2007, and you don't have any credited service after that date, you may have vested in employer contributions under a different vesting rule (please see pages 62-63).

401(k) elective contributions, 401(a) supplemental contributions and rollovers into the plan are fully vested beginning with the initial contribution.

Key Point

Retirement benefits are not guaranteed until you become vested. Vested benefits are not available until you retire. You are always vested in your 401(k) elective contributions, and in 401(a) supplemental contributions (permitted for work before January 1, 2014).

  • For additional information about vesting, please see Article 2.2 on pages 62-63.