Here’s a snapshot of PG&E’s pension plan (Retirement Plan).
Union-represented and Management and A&T employees are eligible for the Retirement Plan.
Ineligible employees include Hiring Hall, Temporary Additional, Outage, Intermittent, contract employees and leased employees. For details, see your Summary of Benefits Handbook at spd.mypgebenefits.com.
Participation in the Retirement Plan is automatic; you don’t need to enroll.
You generally start participating—and earning a pension benefit—on the first day of employment.
PG&E pays the full cost of your pension. You do not make contributions to the plan.
The way your pension is calculated depends on the type of formula you have and your employment classification.
Employees hired before 2013 may have the final pay formula (Union-represented) or final average pay formula (Management or A&T)—or a combination of the final pay or final average pay formula and the cash balance formula.
All employees hired in 2013 and later have the cash balance formula.
If you have the final pay or final average pay or final average pay pension formula, you’re vested after five years of service or age 55 while an employee.
If you have the cash balance pension formula, you’re vested after three years of service or age 55 while an employee.
If you were hired before 2013 and you have a frozen final pay or final average pay pension benefit because you elected the cash balance formula, your frozen final pay or final average pay pension benefit will be vested after three years of service, too, even though it normally vests in five years.
|Changing Your Pension Elections||
Once you submit your correctly completed pension election kit, your elections are irrevocable. You can’t change your:
If you want to change your form of payment, pension beneficiary or pension start date after you submit your kit and before your pension starts, you’ll need to cancel your original pension request and start over with a new pension request and new paperwork, including new notarized forms. Once your pension starts, you can’t change your elections or cancel your pension.