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Workers & Retirees

Retirement differences between the salaried and hourly plans - Pellet Hourly

There are numerous differences between the Salaried Plan and your plan. For example, the benefit formulas are different, the Salaried Plan does not offer Permanent Incapacity Retirement, and the Salaried plan does not provide the Free Survivor benefits. One of the differences is that your plan did not allow for retirement before age 60 unless you had 30 years of service (or you qualified for permanent incapacity), while the Salaried Plan allowed participants with 15 years of service to retire at age 55 with a reduced benefit. PBGC follows the provisions of each plan.