The Co-op Retirement Plan is a “contributory” defined benefit plan. What does this mean to you?
You contribute, on an after-tax basis, a certain percentage of your pay to the Plan.
This percentage is determined by your employer and is automatically deducted from each paycheck you receive.
Participating Employers contribute whatever else is necessary to keep the Plan on sound actuarial footing.
In order for you to become entitled to your entire benefit from the Co-op Retirement Plan you must become “vested”. Listed below are the Plan’s basic vesting rules.
You are always 100% vested in that portion of your Accrued Benefit that is purchased by your own personal contributions and the interest thereon.
Your entire Accrued Benefit (including the portion provided by your employer) becomes 100% vested after five years of service.
Vesting service is generally counted from your hire date.
This page includes only a general description of the above rules. Please consult the Summary Plan Description for more details, contact United Benefits Group with any questions, and be aware that the terms of the official Plan document will prevail in the event of any inconsistencies or misunderstandings.
