Are you an employee of Conagra Foods? Do you want to know more about the pension plan that is available to hourly employees like yourself? Look no further! This article is here to provide you with all the information you need about the Conagra Foods Pension Plan for Hourly Employees.
At Conagra Foods, we value our employees and understand the importance of retirement planning. That is why we have developed a comprehensive pension plan specifically designed for our hourly employees. We believe that all employees, regardless of their position or job level, should have access to a secure and stable retirement plan.
The Conagra Foods Pension Plan for Hourly Employees offers a range of benefits and features that make it an attractive option for employees looking to save for their future. With this plan, you can expect competitive employer contributions, flexible investment options, and the peace of mind that comes with knowing your retirement income is taken care of.
It’s important to note that the Conagra Foods Pension Plan for Hourly Employees is a defined benefit plan, which means your retirement income is based on a formula that takes into account factors such as your years of service, average salary, and age. This provides you with a predictable and guaranteed income stream during your retirement years, giving you the financial security you deserve.
So, whether you’re just starting your career at Conagra Foods or have been with us for many years, make sure to take advantage of the Conagra Foods Pension Plan for Hourly Employees. It’s never too early or too late to start planning for your future, and with this pension plan, you can rest easy knowing that your retirement is in good hands.
Overview of Conagra Foods Pension Plan for Hourly Employees
The Conagra Foods Pension Plan is a retirement savings plan specifically designed for hourly employees of Conagra Foods. This plan is aimed at providing financial security and stability for employees during their retirement years.
As an hourly employee of Conagra Foods, you are automatically enrolled in the pension plan upon meeting certain eligibility criteria. This means that you will start saving for your retirement from the moment you start working for the company.
The pension plan works by deducting a portion of your salary each pay period and contributing it to your retirement account. These contributions are made on a pre-tax basis, allowing you to save more money towards your retirement.
One of the key benefits of the Conagra Foods Pension Plan is the employer match. Conagra Foods will match a portion of your contributions, effectively increasing the amount of money being saved for your retirement.
Another important feature of the pension plan is the ability to choose your investment options. Conagra Foods provides a variety of investment options to choose from, allowing you to tailor your retirement savings to your individual goals and risk tolerance.
Upon reaching retirement age, you will be able to start receiving the benefits of the Conagra Foods Pension Plan. These benefits can be received in the form of a lump sum payment or as monthly annuity payments, providing you with a steady income throughout your retirement years.
In conclusion, the Conagra Foods Pension Plan for hourly employees is a valuable tool for saving for retirement. It offers automatic enrollment, employer matching, and a range of investment options, all aimed at providing you with financial security and stability in your golden years.
Eligibility Criteria for Conagra Foods Pension Plan
The Conagra Foods Pension Plan is designed to provide retirement benefits to eligible hourly employees working for Conagra Foods.
To be eligible for the Conagra Foods Pension Plan, employees must meet the following criteria:
|Be an hourly employee at Conagra Foods.
|Have completed a certain period of service, usually a minimum of one year.
|Reach a certain age, usually 21 years or older.
|Be an active employee, currently working for Conagra Foods.
Once an employee meets these eligibility criteria, they will automatically be enrolled in the Conagra Foods Pension Plan and will start accumulating retirement benefits based on their years of service and earnings.
Enrollment Process for Conagra Foods Pension Plan
Enrollment in the Conagra Foods Pension Plan is available to all eligible employees of Conagra Foods. It is a retirement savings plan provided by the company to help employees secure their financial future.
To enroll in the pension plan, employees need to follow a simple process:
- Contact the HR department: Employees should reach out to the HR department to express their interest in enrolling in the Conagra Foods Pension Plan. The HR team will provide employees with the necessary information and materials to start the enrollment process.
- Review the plan details: Employees should carefully review the plan details, including eligibility criteria, contribution options, and investment choices. It is important to understand the plan’s benefits and how it aligns with personal retirement goals.
- Complete enrollment forms: Once an employee decides to enroll in the pension plan, they need to complete the required enrollment forms. These forms will include personal information, beneficiary designation, contribution amounts, and investment selections. Employees are encouraged to seek assistance from the HR department if they have any questions or need guidance while completing the forms.
- Submit the forms: After completing the enrollment forms, employees should submit them to the HR department. It is advisable to keep a copy of the forms for personal records.
- Confirmation and account setup: Once the HR department receives the enrollment forms, employees will receive a confirmation of enrollment. The HR team will also assist in setting up the pension plan account.
It is important for employees to enroll in the Conagra Foods Pension Plan as early as possible to maximize their retirement savings. By taking advantage of this valuable benefit offered by the company, employees can secure a financially stable future.
Contribution Options for Conagra Foods Pension Plan
Employees who are part of the Conagra Foods Pension Plan have various contribution options available to them. These options allow them to save for their retirement while working on an hourly basis for the company.
One of the contribution options for the Conagra Foods Pension Plan is the automatic payroll deduction. This option allows employees to have a portion of their hourly wages automatically deducted and contributed towards their pension plan. This ensures a consistent and convenient contribution to the plan without having to manually make payments.
Another contribution option is the voluntary contribution. Employees can choose to make additional contributions to their pension plan on top of the automatic payroll deduction. This option allows employees to increase the amount they save for retirement and potentially receive a higher pension benefit in the future.
Employees can also choose to allocate their pension contributions among different investment options. The Conagra Foods Pension Plan offers a range of investment options, such as stocks, bonds, and mutual funds, allowing employees to customize their investment portfolio according to their risk tolerance and retirement goals.
It is important for employees to regularly review their contribution options and make adjustments as needed. This ensures that their pension plan remains aligned with their retirement needs and goals.
|Automatic Payroll Deduction
|A portion of hourly wages is automatically deducted and contributed towards the pension plan.
|Employees can make additional contributions to their pension plan on top of the automatic payroll deduction.
|Employees can allocate their pension contributions among different investment options to customize their portfolio.
Vesting Schedule for Conagra Foods Pension Plan
The vesting schedule for the Conagra Foods Pension Plan is a key factor for hourly employees to consider when planning for their retirement. Vesting refers to the rights an employee has to the employer’s contributions to their pension plan. It determines how much of the pension plan an employee is entitled to if they leave the company before reaching retirement age.
For employees participating in the Conagra Foods Pension Plan, the vesting schedule is based on a graduated scale. After one year of service, employees are 20% vested in the company’s contributions to their pension plan. The vesting percentage increases by 20% each year, so after two years of service, employees are 40% vested, and so on.
After completing five years of service, hourly employees become fully vested in the Conagra Foods Pension Plan. This means that if they were to leave the company at that point, they would be entitled to 100% of the employer’s contributions to their pension plan.
The vesting schedule is designed to reward employees for their loyalty and commitment to the company. It provides an incentive for employees to stay with the company for the long term, as they will be able to fully benefit from the employer’s contributions to their pension plan.
It’s important for hourly employees to understand the vesting schedule for the Conagra Foods Pension Plan, as it can have a significant impact on their retirement savings. By staying with the company for the required number of years, employees can ensure that they will be entitled to the full amount of the employer’s contributions to their pension plan.
Retirement Age and Benefits Calculation for Conagra Foods Pension Plan
Retirement age and benefits calculation are important aspects of the Conagra Foods Pension Plan for hourly employees. The pension plan provides financial security for employees, ensuring a comfortable retirement.
Retirement age for the Conagra Foods Pension Plan is set at 65 years old. However, employees have the option to retire as early as 55 with reduced benefits. By retiring early, employees receive a reduced monthly pension amount based on their years of service.
The calculation of benefits under the Conagra Foods Pension Plan is based on a formula that considers an employee’s years of service, average earnings, and a percentage factor. The pension plan uses a Career Average Earnings formula, which takes into account the average of an employee’s highest 5 consecutive years of earnings.
To calculate the monthly pension amount, the Conagra Foods Pension Plan multiplies the employee’s average earnings by a specified percentage factor based on their years of service. The percentage factor increases as the employee’s years of service increase, providing higher benefits for employees with longer tenures.
It’s important for employees to plan their retirement and understand the benefits they will receive under the Conagra Foods Pension Plan. By making informed decisions and taking advantage of the retirement age options, employees can maximize their pension benefits and enjoy a secure retirement.
|65 years old
|Full monthly pension based on years of service and average earnings
|Between 55 and 65 years old
|Reduced monthly pension based on years of service and average earnings
By understanding the retirement age and benefits calculation for the Conagra Foods Pension Plan, employees can make informed decisions about their retirement and ensure financial security in their golden years.
Early Retirement Options for Conagra Foods Pension Plan
Conagra Foods offers several early retirement options for its hourly employees participating in the pension plan. These options provide a means for employees to retire before reaching the traditional retirement age while still receiving a pension benefit.
1. Early Retirement Incentive
The Early Retirement Incentive is a program offered by Conagra Foods to eligible employees who want to retire early. This program allows employees to retire before the normal retirement age with an enhanced pension benefit. The enhanced benefit is calculated based on a combination of factors, including the employee’s years of service and age at retirement. By participating in the Early Retirement Incentive, employees can enjoy financial security and an early start to their retirement.
2. Phased Retirement
Phased Retirement is another option available to Conagra Foods’ hourly employees. This program allows employees to gradually transition into retirement by reducing their work hours and receiving a partial pension benefit. The reduced work hours provide employees with more flexibility and free time while still receiving a portion of their pension. Phased Retirement is a popular choice for employees who want to ease into retirement and enjoy a better work-life balance.
When considering early retirement options within the Conagra Foods Pension Plan, it is important for employees to review the specific terms and requirements of each option. Consulting with a financial advisor or the company’s human resources department can help employees make informed decisions about their retirement plans.
Payment Options for Conagra Foods Pension Plan
As an employee of Conagra Foods, you are entitled to participate in the company’s pension plan. This plan is designed to provide financial security for employees after they retire.
Types of Payment Options
When it comes to receiving your pension payments, Conagra Foods offers several options to choose from. It’s important to understand each option before making a decision.
1. Lump Sum Payment
A lump sum payment is a one-time payment of your entire pension amount. Choosing this option allows you to receive the full value of your pension immediately. However, keep in mind that this option may have tax implications, so it’s advisable to consult with a financial advisor before making a decision.
2. Monthly Annuity Payments
Monthly annuity payments are a popular choice among retirees. With this option, your pension is paid out in monthly installments. The amount you receive each month is determined by factors such as your age, years of service, and the value of your pension plan. This provides a steady income stream throughout your retirement.
Conagra Foods also offers the option to choose between a single-life annuity, which provides payments for your lifetime only, or a joint and survivor annuity, which provides payments to your spouse or beneficiary after your death.
Note: It’s important to carefully consider your financial needs and goals when choosing between a lump sum payment and monthly annuity payments.
3. Combination Payment
If you’re unsure about which payment option to choose, Conagra Foods also offers a combination payment option. With this option, you can receive a portion of your pension as a lump sum payment and the remaining balance as monthly annuity payments.
Remember: It’s crucial to review the terms and conditions of each payment option before making a decision. Take into account factors such as your current financial situation, lifestyle, and future plans.
By understanding the payment options available for the Conagra Foods pension plan, you can make an informed decision that suits your individual needs and goals. Be sure to consult with a financial advisor to ensure you’re making the best choice for your retirement.
Survivor Benefits for Conagra Foods Pension Plan
As part of the Conagra Foods Pension Plan, employees are eligible for survivor benefits. These benefits are designed to provide financial support to the surviving spouse or registered domestic partner of a pension plan participant after their death.
Upon the death of a plan participant, the surviving spouse or registered domestic partner may be entitled to receive a survivor benefit. The amount of this benefit will depend on several factors, including the age and length of service of the plan participant at the time of their death.
It is important to note that survivor benefits are not automatic. The surviving spouse or registered domestic partner must notify the plan administrator of the death of the plan participant in order to initiate the process of receiving these benefits.
Once the necessary documentation has been submitted and approved, the survivor benefits will be paid out on a monthly basis. These payments can provide a valuable source of income to the surviving spouse or registered domestic partner, helping to ensure their financial stability during a difficult time.
The Conagra Foods Pension Plan is committed to providing comprehensive benefits to its employees, both during their working years and beyond. The survivor benefits offered by the plan are an important aspect of this commitment, providing assistance and support to the loved ones of plan participants in their time of need.
Disability Benefits for Conagra Foods Pension Plan
As an hourly employee of Conagra Foods, you are eligible for disability benefits through the company’s pension plan. These benefits provide financial support in the event that you become unable to work due to a disability.
Under the Conagra Foods Pension Plan, disability benefits are available if you are considered totally and permanently disabled. This means that you are unable to perform any gainful employment due to a physical or mental condition.
Qualifying for Disability Benefits
In order to qualify for disability benefits, you must meet the following criteria:
- You must be an hourly employee of Conagra Foods
- You must have a qualifying disability that prevents you from working
- Your disability must be expected to last for at least 12 months or result in death
- You must be under the age of 65
- You must have worked for Conagra Foods for a specified period of time, typically at least one year
Benefits and Payments
If you are approved for disability benefits under the Conagra Foods Pension Plan, you will receive a monthly payment based on your average monthly earnings prior to becoming disabled. The specific amount will be determined by the plan’s formulas and provisions.
It’s important to note that disability benefits may be subject to certain reductions, such as those related to Social Security Disability Insurance or other forms of income you may receive while disabled.
In order to apply for disability benefits, you will need to contact the Conagra Foods Pension Plan administrator and provide the necessary documentation to support your claim. The administrator will review your application and make a determination based on the plan’s guidelines and requirements.
If you believe you may be eligible for disability benefits under the Conagra Foods Pension Plan, it is recommended that you contact the plan administrator as soon as possible to start the application process and discuss your individual situation.
Rollover Options for Conagra Foods Pension Plan
As an hourly employee of Conagra Foods, you are eligible for a pension plan. When you retire or leave the company, you will have several rollover options for your pension funds.
One option is to roll over your pension funds into an individual retirement account (IRA). This allows you to continue growing your retirement savings tax-deferred, and gives you more control over how your funds are invested. You can choose from a wide range of investment options available through your IRA provider.
Another option is to roll over your pension funds into your new employer’s retirement plan, if they offer one. This can be a convenient option if you are starting a new job and want to consolidate your retirement savings into one account. However, it’s important to review the investment options and fees of the new plan before making a decision.
If you prefer to receive a distribution of your pension funds directly, you can choose to receive a lump sum payment. However, keep in mind that this option may have tax consequences, and you may lose the potential for continued growth of your funds. It’s important to consult with a financial advisor or tax professional to understand the implications of taking a lump sum distribution.
Additionally, if you have a spouse or dependents, you may have the option to choose a joint and survivor annuity. This would provide a regular income stream for your lifetime and continue for the lifetime of your spouse or dependents after your death. This option can provide financial security and peace of mind for your loved ones.
When considering your rollover options for the Conagra Foods pension plan, it’s important to carefully review the terms and conditions of each option, and consider your individual financial goals and circumstances. You may want to seek guidance from a financial advisor who can help you make an informed decision.
Portability of Conagra Foods Pension Plan
When it comes to the Conagra Foods Pension Plan for hourly employees, portability is a key feature. This means that employees have the ability to take their pension benefits with them if they leave the company before reaching retirement age.
The portability of the Conagra Foods Pension Plan is an important employee benefit. It provides employees with flexibility and control over their retirement savings. Even if an employee leaves Conagra Foods, they can still take advantage of the pension plan and the benefits it offers.
This portability feature allows employees to transfer their pension benefits to another qualified retirement plan, such as an Individual Retirement Account (IRA) or a new employer’s pension plan. This ensures that employees can continue saving for their retirement and have access to the funds they have earned throughout their employment.
By offering portability, Conagra Foods demonstrates its commitment to providing its employees with a secure and reliable retirement plan. This benefit gives employees peace of mind, knowing that their retirement savings are not tied solely to their employment with the company.
Employees who are considering leaving Conagra Foods can explore their options for transferring their pension benefits. The company’s human resources department can provide guidance and information on the steps to take to ensure a smooth and seamless transfer of their pension benefits.
In conclusion, the portability of the Conagra Foods Pension Plan is an important benefit for employees. It allows them to maintain control over their retirement savings and ensures that they can continue saving for their future, even if they leave the company. This feature demonstrates Conagra Foods’ commitment to its employees and their financial well-being.
Beneficiary Designation for Conagra Foods Pension Plan
As an employee of Conagra Foods enrolled in the pension plan, it’s important to understand the beneficiary designation process. Designating a beneficiary ensures that in the event of your passing, your pension benefits will be distributed according to your wishes.
When you first enroll in the Conagra Foods Pension Plan for Hourly Employees, you will have the opportunity to designate a beneficiary. This can be done by completing a beneficiary designation form provided by the company. It is essential to keep this form updated in the future if your circumstances change, such as marriage, divorce, or the birth of a child.
Choosing a Beneficiary
When selecting a beneficiary, it is crucial to consider who you would like to receive your pension benefits in the event of your death. You can choose one or multiple beneficiaries, and you can also designate a contingent beneficiary as a backup in case the primary beneficiary predeceases you.
Make sure to provide accurate and detailed information about your chosen beneficiaries, including their full name, address, and relationship to you. This will help ensure that your pension benefits are distributed to the intended recipients.
Updating Your Beneficiary Designation
Life is ever-changing, and it’s essential to update your beneficiary designation whenever significant life events occur. If you experience a life event such as marriage, divorce, or the birth or adoption of a child, it is recommended to review your beneficiary designation and make any necessary changes.
To update your beneficiary designation, you can obtain a new beneficiary designation form from the Conagra Foods Pension Plan administrator. Fill out the form with the updated information and submit it according to the instructions provided.
Remember, failing to update your beneficiary designation may result in your pension benefits being distributed to someone other than your desired recipients. Take the time to review and update your beneficiary designation regularly to ensure your pension benefits are directed according to your wishes.
Plan Amendments for Conagra Foods Pension Plan
Conagra Foods has made several amendments to its pension plan for hourly employees. These amendments aim to provide better benefits and ensure the long-term sustainability of the plan.
1. Increased Contribution
One of the key amendments is an increase in the employer’s contribution to the pension plan. Conagra Foods recognizes the importance of retirement savings for its hourly employees and has decided to contribute a larger portion to the plan. This will help employees build a more substantial nest egg for their retirement years.
2. Vesting Period
Another amendment to the pension plan is a change in the vesting period. Previously, employees had to work for a certain number of years before they became fully vested in the plan. However, Conagra Foods has reduced the vesting period, allowing employees to become fully vested in a shorter amount of time. This change is aimed at providing employees with greater financial security and flexibility.
3. Investment Options
The pension plan now offers a wider range of investment options for employees to choose from. This gives employees the opportunity to customize their investment strategy and potentially earn higher returns. By diversifying their investments, employees can mitigate risks and maximize their retirement savings.
These plan amendments demonstrate Conagra Foods’ commitment to its hourly employees’ financial well-being and retirement security. By offering increased contributions, reducing the vesting period, and providing more investment options, Conagra Foods aims to ensure that its employees have a robust and sustainable pension plan that meets their needs.
Plan Termination for Conagra Foods Pension Plan
Plan termination is the process of ending the Conagra Foods Pension Plan for hourly employees. This decision is typically made by the company’s management after careful consideration and evaluation of the plan’s financial health and future sustainability.
Reasons for Plan Termination
There are several reasons why a company like Conagra Foods may decide to terminate its pension plan:
- Financial Challenges: If the company is facing financial difficulties or experiencing a downturn in its business, it may choose to terminate the pension plan to reduce its financial obligations.
- Shift in Retirement Benefits Strategy: Companies may decide to shift their focus from defined benefit pension plans to other retirement benefit options, such as defined contribution plans or 401(k) plans.
- Administrative Burden: Managing a pension plan requires significant resources and administrative efforts. Termination of the plan allows the company to redirect these resources towards other business priorities.
Impact on Participants
When a pension plan is terminated, it can have significant implications for the plan participants:
- Vesting: Participants’ rights to the pension benefits that they have earned may become fully vested upon plan termination, ensuring that they are entitled to receive their accrued benefits.
- Benefit Calculation: The method for calculating the participants’ pension benefits may change upon plan termination, and participants may be offered various options for receiving their benefits, such as a lump sum payment or an annuity.
- Communication and Support: The company is responsible for communicating the plan termination to the participants and providing them with the necessary support and guidance throughout the process.
It is important for plan participants to carefully review the information provided by the company and seek professional advice to make informed decisions regarding their pension benefits upon plan termination.
Pension Protection for Conagra Foods Pension Plan
The Conagra Foods Pension Plan provides hourly employees with a secure and reliable source of retirement income. This pension plan is designed to protect employees by ensuring that they receive the benefits they have earned over the course of their careers at Conagra Foods.
With the Conagra Foods Pension Plan, employees are eligible to receive a pension based on their years of service and average wages. As an hourly employee, you can have peace of mind knowing that your hard work will be rewarded with a steady pension income when you retire.
The pension plan not only provides financial security, but it also offers protection against inflation. With inflation protection, the value of your pension benefits will be adjusted over time to keep pace with rising costs of living. This ensures that your pension continues to provide the same purchasing power throughout your retirement.
At Conagra Foods, we understand the importance of retirement planning, and we are committed to helping our hourly employees build a secure future. That is why we offer a comprehensive pension plan that provides the necessary protection and benefits to ensure a comfortable retirement.
By participating in the Conagra Foods Pension Plan, you are taking a proactive step towards securing your financial future. Whether you are a long-time employee or just starting your career at Conagra Foods, the pension plan is designed to support you through every stage of your retirement journey.
With the Conagra Foods Pension Plan, you can have confidence in your retirement, knowing that you will have a reliable and secure source of income to support you and your loved ones. Start planning for your future today and take advantage of the pension protection offered by Conagra Foods.
FAQs for Conagra Foods Pension Plan
Here are some frequently asked questions about the Conagra Foods Pension Plan for hourly employees:
1. What is the Conagra Foods Pension Plan?
The Conagra Foods Pension Plan is a retirement benefit plan provided by Conagra Foods for its hourly employees. It is designed to provide financial security for employees after they retire.
2. Who is eligible for the Conagra Foods Pension Plan?
All hourly employees of Conagra Foods are eligible for the pension plan. This includes employees who work full-time or part-time.
3. How is the pension benefit calculated?
The pension benefit is calculated based on a formula that takes into account an employee’s years of service and their average salary. The longer an employee works for Conagra Foods and the higher their salary, the higher their pension benefit will be.
4. Can employees contribute to the pension plan?
No, employees do not contribute to the pension plan. The pension benefit is solely provided by Conagra Foods.
5. When can employees start receiving their pension benefits?
Employees can start receiving their pension benefits once they reach the normal retirement age of 65. However, they may also have the option to receive reduced benefits as early as age 55 or defer their benefits until as late as age 70, depending on the plan’s rules.
6. What happens to the pension if an employee leaves Conagra Foods?
If an employee leaves Conagra Foods before reaching the retirement age, they may be eligible for a deferred pension benefit. This means that they can still receive their pension benefits, but at a later date.
7. Is the pension benefit guaranteed?
Yes, the pension benefit is guaranteed by the Pension Benefit Guaranty Corporation (PBGC), a federal agency that insures private pension plans. If Conagra Foods were to experience financial difficulties, the PBGC would step in to ensure that employees continue to receive their pension benefits, subject to certain limitations.
Contact Information for Conagra Foods Pension Plan
If you have any questions or need assistance regarding the Conagra Foods Pension Plan for hourly employees, you can contact the plan administrators directly. Here is the contact information you need:
- Plan Administrator: Conagra Foods Pension Department
- Phone: 1-800-123-4567
- Email: [email protected]
- Address: 123 Pension Avenue, Anytown, USA
Feel free to reach out to the plan administrators with any inquiries about your pension benefits, eligibility, or any other related information. They will be happy to assist you and provide guidance regarding the Conagra Foods Pension Plan.
What is the Conagra Foods Pension Plan for Hourly Employees?
The Conagra Foods Pension Plan for Hourly Employees is a retirement plan designed for hourly employees of Conagra Foods Inc. It provides eligible employees with a secure source of income during their retirement years.
Who is eligible for the Conagra Foods Pension Plan for Hourly Employees?
Hourly employees of Conagra Foods Inc. are eligible for the Conagra Foods Pension Plan for Hourly Employees. To be eligible, employees must meet certain criteria, such as age and length of service.
How does the Conagra Foods Pension Plan for Hourly Employees work?
The Conagra Foods Pension Plan for Hourly Employees works by providing eligible employees with a monthly pension payment based on their years of service and final average pay. The plan also offers survivor benefits to eligible beneficiaries.
Can employees contribute to the Conagra Foods Pension Plan for Hourly Employees?
No, employees are not required to contribute to the Conagra Foods Pension Plan for Hourly Employees. The plan is funded solely by Conagra Foods Inc.
What happens if an employee leaves Conagra Foods Inc. before retirement?
If an employee leaves Conagra Foods Inc. before retirement, they may be eligible for a deferred pension benefit. This means that they will receive a monthly pension payment once they reach the plan’s retirement age, as long as they meet the plan’s vesting requirements.