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Retirement Savings Programs - Cash Balance Pension Plan
Medco offers a two-tiered retirement program with our Cash Balance
Pension Plan and our 401(k)
Savings Plan.
Eligibility:
Must be age 21 or older; enter on date of hire.
Benefit:
- Less than 10 years of service: 3.5% of your annual base compensation
up to $160,000, plus a guaranteed rate of interest.
- 10 or more years of service: 4.5% of your annual base compensation up
to $160,000, plus a guaranteed rate of interest.
Vesting:
Based on years of service (1,000 hours per calendar year), as follows:
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Service
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Vesting %
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Less than 3 years
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0%
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3 years but less than 4
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20%
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4 years but less than 5
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40%
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5 years but less than 6
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60%
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6 years but less than 7
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80%
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7 years or more
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100%
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Normal Retirement:
Age 65
Cost to Employee:
None
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