Overview
Travelers assists you with meeting your retirement needs by providing The Travelers Pension Plan. If you work at the company until you retire or are vested, the benefits from this plan, Social Security benefits, funds from other Travelers plans (such as the 401(k) plan) and your personal savings work together to provide your retirement income.
The Pension Plan is a defined benefit pension plan that is 100 percent funded by Travelers. The Plan determines your benefits under a cash balance formula, which provides pay and interest credits to a hypothetical account maintained for you. To receive a benefit from the Plan, you must work at Travelers until you have three years of vesting service or are retirement eligible.
Additional Details
Comprehensive information about this benefit plan is contained within the Pension Benefit Plan Summary (PDF). In addition, below is some important information about this plan:
- For a high-level overview of this benefit, refer to the Pension Plan Overview.
- Certain participants are grandfathered under traditional final average pay or other pension formulas. For additional information, please refer to the Pension Plan Appendices (PDF).
- For instructions on designating your beneficiary online, go to the Designate a Beneficiary page.
Eligibility
If you are a full-time employee, you become eligible to participate in the Pension Plan after one year of continuous employment. If you are a part-time employee, you become eligible to participate on the January 1 or July 1 following the first year in which you complete 1,000 hours of service.
For additional information regarding eligibility, please refer to the eligibility section of the Pension Benefit Plan Summary (PDF). If you have questions about eligibility, contact the Employee Services Unit (ESU) at 4-ESU@travelers.com or 800.441.4378.
Cost
The company pays the full cost of the Pension Plan. Each year, an independent actuary determines the company's contribution required to fund benefits that the plan provides. The company contributions are deposited into the trust established for the plan. The trust fund is maintained for the sole purpose of paying benefits to plan participants and beneficiaries, as well as defraying plan expenses.
Related Programs & Resources
The following programs and resources may be useful to you as a participant in the Pension Plan:
Legacy St. Paul Grandfathered Information
Legacy Travelers Grandfathered Information
Benefit Equalization Plan (BEP)
The BEP is a nonqualified pension plan designed to supplement the benefits provided under the Travelers Pension Plan. The BEP can consider certain portions of a participant's total compensation that the Pension Plan cannot, such as contributions to the Travelers Deferred Compensation Plan. The BEP also can pay benefits limited by IRS maximums. Because it is a nonqualified plan, lump sum distributions from the BEP may not be rolled over to another employer's qualified plan or to an IRA.
To become eligible for participation in the BEP, employees must be participants in Travelers Pension Plan and meet at least one of the following requirements:
- Compensation is above an amount pre-determined by the IRS.
- Defer salary or bonuses into the Deferred Compensation Plan.
- Retirement benefits under the Pension Plan are limited by IRS limits. Eligible participants are automatically enrolled in BEP.
Access to the Travelers Pension Web site
You can access the Travelers Pension Web site using this link: https://mybenefits.benefitcenter.com/travelers
Please refer to the Pension FAQs below for additional information regarding the Pension Web site.
Customer Service
Questions about your account can be addressed to the ESU at 4-ESU@travelers.com or 800.441.4378. Once prompted, select the Retirement Option (option 2). Representatives are available Monday through Friday (except holidays), 7:30 a.m. to 5:00 p.m. CT.
How to Enroll
You are automatically enrolled when you have met the eligibility requirements.
FAQs
For more information, access the Pension Plan FAQs.
|
