Get Western Metal Pension

The Benefit With 20 years of creditable service, you will receive a retirement benefit of 50 percent of your Final Average Salary (FAS).

Though there are pros and cons to both plans, pensions are generally considered better than 401(k)s because all the investment and management risk is on your employer, while you are guaranteed a set income for life.

Pension plans require your employer to contribute money to your plan as you work. Once you retire, you earn the accrued pension money divided into monthly checks. In most cases, a formula determines the amount you receive. Some of the formula variables include your age, compensation and years of service to the company.

Employers offer private-sector pension plans to employees. The most common private-sector pension plan is a 401(k) plan. State and local governments offer public sector pension plans to employees. The most common public sector pension plan is a state pension plan.

Your pension is typically insured by the Pension Benefit Guaranty Corporation (PBGC). In the event your company declares bankruptcy or can't make its payments, this federal agency guarantees your payments up to a certain amount. Your pension payments are also protected against certain creditor claims.

Your traditional pension plan is designed to provide you with a steady stream of income once you retire. That's why your pension benefits are normally paid in the form of lifetime monthly payments. Increasingly, employers are making available to their employees a one-time payment for all or a portion of their pension.

Western Union Pension Plan is a single-employer non-contributory defined benefit corporate pension based in Denver, Colorado. Established in 1955, the plan provides retirement benefits to the eligible employees of The Western Union Company and its subsidiaries.

In most cases, the answer is yes, you may still work while receiving a pension—but with a few limitations. Since pensions are considered part of your compensation package, they generally may not be taken away for any reason.