Retirement Income Plan
Note: This plan has closed to new entrants effective September 1, 2005 and benefit accruals were frozen to all participants on January 11, 2010.
All full-time and part-time employees hired on or before August 31, 2005, and not covered under a collective bargaining agreement, and who have one year of service and work at least 1,000 hours during the year are eligible for this plan. This benefit is 100% company paid and is designed to provide financial security for our employees that retire from ABX Air. This plan is a Defined Benefit plan that uses a formula based on the employee's years of service and Final Average Earnings.
The formula is:
2% of Final Average Earnings x Years of Service up to 25
Plus
0.5% of Final Average Earnings for each year of service beyond 25
Vesting
Employees are 100% vested after completing 5 years of Service. This plan is insured by the Pension Benefit Guaranty Corporation, an agency of the federal
For more detailed information, please see the Summary Plan Description.
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