Saving For Your Future

Based on your feedback, we know that many of you have questions and concerns about your retirement. Carilion’s defined benefit pension plan is an important part of your retirement savings.

The VALUE of Carilion’s pension plan

• Carilion makes all contributions to the pension plan. You don’t have to put any of your own money into the plan.
• You do not need to do anything to enroll in the pension plan. As soon as you become eligible, you will automatically be enrolled.
• Once you have five years of credited service, you are vested. This means you have full rights to your benefits.
• When you retire, in most cases, you will receive a monthly benefit for life.
• There is no risk to you as with a 403(b) or 401(k) savings plan. The Pension Benefit Guaranty Corporation, a federal agency, insures your money.

What is a Defined Benefit Pension Plan?
Defined benefit pension plans are benefit plans that promise retirees a specific monthly benefit at retirement. The amount of the benefit is based on factors such as age, earnings and years of service. The employer promises to pay a fixed amount to its retirees based on a specific benefit formula. The plan is intended to "supplement" your retirement in the form of a lifetime monthly benefit payable at Age 65. For more information about your pension, contact the HR Service Center, via GroupWise at HRServiceCenter or at 983-3600 (33600) or toll free at 1-800-599-2537.