WHAT IT IS, WHEN YOU CAN START, AND WHERE TO LEARN MORE DID YOU KNOW? LESS THAN 15% OF PRIVATE EMPLOYERS PROVIDE THEIR EMPLOYEES BOTH A PENSION & 401(k) PLAN! * HIGHLIGHTS OF THE CLUB PENSION PLAN
After you have separated from service from the Club, your normal pension benefit will commence at age 65. However, you may commence as early as age 55, though early retirement reduction factors will apply. 02. 04. When can I start collecting my pension benefit? If you continue working past age 73, your benefit will commence at that time unless you elect to delay commencement until you terminate employment.
01.
What steps do I take to enroll?
You will be automatically enrolled in the Pension Plan, and qualify for a pension benefit after you become vested (5 years of service)
The pension is entirely funded by the Club. There are no employee contributions, and no investment risk to the employee.
03.
Where can I see my most recent pension estimate?
If I leave before retirement age, what happens to my pension?
Every summer, you will receive a Total Rewards Statement, and depending on your age at the end of the prior year, will be shown estimates at ages 55, 60, 62, and 65.
If you are vested, a calculation will be performed after your termination date and saved on record until your Normal Retirement Date, which is when you turn age 65.
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Where can I learn more? For more information, visit CE360 and view the Retirement CBT below that applies to you: VEMRET – Hired or rehired on or after 01/01/2011 and all ACMO, NNE and TW employees VEMRP – Grandfathered employees: ACSC employees hired on or before 12/31/2011
Can I list a beneficiary?
Different than a 401(k), beneficiary designations are not made until you start your pension benefit.
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CONTACT RETIREMENT SERVICES AT (866)842-4222
* THE PREVALENCE OF EMPLOYER-SPONSORED RETIREMENT PLANS IN THE U.S. – 2021 STUDY (SMARTASSET.COM)
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