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—or a combination of the final 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 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 pension benefit because you elected the cash balance benefit, your frozen final pay pension benefit will be vested after three years of service, too, even though it normally vests in five years.
|Changing Your Benefit||
You can’t change any of your pension elections for any reason after your pension start date. Your pension payments can’t be stopped or suspended even if you’re rehired or reinstated by PG&E, unless there is a legal reason requiring a hold on your pension benefit.
You can only change your pension payment option if you do so 30 or more days before your pension start date. If you have fewer than 30 days before your pension start date, you can’t change your pension elections unless you cancel your pension start date entirely.