| Article 36: Retirement Benefit Program |
- Defined Benefit Plan: 1.67% x Final Average Earnings x Years of Service.
- 401(k) Plan: Plan with no company match.
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- Current Employees: Existing employees would have the option to remain in the defined benefit pension plan or transition to the 401(k) plan with a 100% company match for employee contributions up to a total of 5.5%. If an existing employee chooses to transition to the 401(k) plan, then the benefits accrued in the defined benefit pension plan would have a hard freeze.
- New Hires: Automatically enrolled in the $uper $aver Plus 401(k) plan with a 100% company match for employee contributions up to a total of 5.5%.
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