Employees on roll before 1/1/09 automatically participate in one on the following defined benefit pension plans upon reaching age 21 and completing one year of service:
Pension benefits are non-forfeitable after completing 5 years of vesting service.
Employees are eligible for an immediate service pension when they meet both of the following minimum age and service requirements:
| Age | Term of Employment |
|---|---|
| any age | 30 years |
| 50 | 25 years |
| 55 | 20 years |
| 60 | 15 years |
| 65 | 10 years |
Non-union employees hired or re-hired on or after 1/1/09 will not be eligible to participate in a Sandia defined benefit pension plan.
Employees may participate in one of the following defined contribution savings plans:
Employees may elect to contribute 2% to 18% of their eligible pay, subject to IRS limitations, on a pre-tax, after-tax, or Roth 401(k) basis.
Sandia will match 2/3 of the first 6% of the employee’s contributions
Employees’ contributions and Sandia’s matching contribution are vested immediately.
Non-union employees hired or re-hired on or after 1/1/09 will automatically receive an additional service-based contribution subject to a three year vesting requirement:
Service Contribution
<15 years 6% of eligible pay
15 or more years 7% of eligible pay
Employees may invest their account balances among 22 investment options.
Employees who meet the age and service requirements for a service pension may elect to continue medical, dental and some life insurance coverage into retirement by paying the required premiums.