1. General Retirement Plan (GRP)
- The GRP is a defined benefit plan, which means it’s a traditional pension plan that pays you a monthly benefit amount for the rest of your life after you retire.
- You will receive a monthly retirement benefit based on your years of service and final average pay. If you prefer, you can take a full lump-sum distribution.
- In addition, the plan pays benefits if you die or become disabled before you retire.
- Depending on the GRP payment option you choose, the plan also may continue to pay benefits to your surviving spouse or other beneficiary after your death.
- During your working years, the Company contributes to your GRP. You also can contribute to your GRP.
- Your employer pays all of the administrative costs for the GRP’s non-contributory part, and most of the costs for the contributory part.
2. Savings and Stock Investment Plan for Salaried Employees (SSIP)
- The Savings and Stock Investment Plan for Salaried Employees (SSIP) is a defined contribution plan — also known as a 401(k) plan — that gives you an opportunity to save tax-efficiently for retirement via pre-tax, Roth, and after-tax contributions.
- The SSIP provides a Company match of 90¢ for each $1 you contribute, up to 5% of your eligible base salary, no matter which type of contributions you make. If you’re saving less than 5% of your base pay, consider increasing your contributions to take full advantage of the Company match.
- The amounts YOU contribute to your SSIP become vested — that is, you own the money — immediately. Your Company matching contributions become vested after three years of service. If you leave your job before you complete three years of service, you’ll forfeit your Company matching contributions.
- Visit benefits.com and select My Savings and Stock Investment Plan to:
− View your account balances
− Change your savings rate
− Move your money into other available funds
− Change how your future contributions are invested
− Review the available investment funds
| Not sure how to decide on an appropriate risk level? Not confident about selecting funds for a well-diversified portfolio? The retirement savings plans offer three kinds of help: target date retirement funds, personalized online advice, and professional account management. | |
| DO IT AUTOMATICALLY with target date funds | Rather keep it simple? You may want to choose BlackRock LifePath Funds. These target-date funds — which are a single-fund solution to diversification — are based on your expected retirement date, or the date you expect to start withdrawing your money. The funds contain a mix of investments that automatically adjusts over time to become less aggressive as you approach retirement (for example, fewer stock and more bonds). |
| HELP ME DO IT MYSELF with personalized online advice | If you want to select your own mix of funds, Financial Engines’ online advice tool will help you build and implement your personalized investment strategy. The tool recommends specific funds based on your situation and risk preferences. There is no additional cost to you for using the online advice tool. |
| DO IT FOR ME with Financial Engines’ professional account management | If you prefer to partner with an expert, consider professional management from Financial Engines. You can add this optional program to your account and have a professional advisor manage your account for a fee, build a personalized retirement plan, pick investments for you, and help keep you on track. |
If you enroll in a High Deductible Health Plan — such as the Basic Medical Plan PPO or Medical Plan PPO — you’re eligible to open a Health Savings Account (HSA) to set aside tax-free money for qualified health care expenses both now and in retirement.
An HSA:
- Is a tax-advantaged account, sort of like a 401(k) plan, to save for current and future health care expenses
- Works hand-in-hand with a High Deductible Health Plan (HDHP) coverage
- Is generally tax-free when:
- You save it,
− You earn interest on your account balance, and
− You spend it on eligible expenses - Is a great way to help you get ready for a financially secure retirement!