Ohio Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
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How to fill out Retirement Plan Transfer Agreement For The Motorola, Inc. Pension Plan?
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FAQ
The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises a specified monthly benefit at retirement.
A Pension transfer agreement (PTA) permits you to increase your pension assets by transferring an amount equivalent to the actuarial value of the benefits earned in respect of your pensionable service credits under your former employer's pension plan to your new employer's pension plan.
A pension plan is funded and controlled by the employer, while a 401(k) is primarily funded by the employee, who may choose how the money is invested.
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. However, a 401(k) does offer some upsides.
If you leave the Plan before Normal Retirement Date you will have the option to leave the accumulated fund in the Motorola Pension Plan or transfer to an alternative pension arrangement. If you leave the Company you cannot continue to contribute to the Motorola Pension Builder.
So, what is a pension? To most people, a pension is a retirement arrangement in which your employer promises you a regular payment from the day you retire, for as long as you live. The amount of your pension usually depends on how long you worked for an employer and your salary with that employer.