Service Pension Benefits
Metro's service pension plan is a retirement benefit. It is designed to reward employees who spend their working career at Metro. When you retire, the plan provides you with a monthly pension, based on your salary and years of service. The longer you work at Metro, the larger your benefit will be.
Combined with other sources of income such as Social Security and personal savings, the service pension can help you enjoy a financially secure retirement.
The plan described here is the Division B Modified Metro Plan, which took effect January 1996. About 98% of Metro employees participate in this plan. For information on other pension plans, contact Metro Human Resources .
| FAST FACTS about Your Service Pension Benefits | |
|---|---|
| Eligibility | All full-time Metro employees after six months of continuous credited service. |
| Enrollment | Automatic enrollment after six months of continuous credited service. |
| Vesting | 100% vesting after five years of continuous credited service. |
| Benefit | A pension paid monthly upon retirement. |
| When Benefits Begin | At normal, early or deferred retirement. |
| Cost | No cost to you. Metro pays 100%. |
Pensions belong to a class of retirement plans that guarantee participants a regular, fixed income when they retire. Pension plans are becoming less common, as employers switch to other types of plans that do not guarantee a fixed benefit. Keep this in mind when you think about the value of your Metro benefits.
Enrollment
Eligible employees are automatically enrolled in the service pension plan after six months of continuous credited service.
Cost
Metro pays 100% of the cost of the service pension plan. You make no contributions to the plan.