The Sysco Corporation Retirement Plan is a defined benefit plan totally funded by Sysco on your behalf. This benefit is designed to provide retirement income to supplement your Social Security and personal savings.
The Sysco Corporation Retirement Plan was frozen as of December 31, 2012, to salaried and non-union colleagues that were eligible to participate in the Plan as well as for certain union colleagues whose collective bargaining agreements allowed them to cease participation in the Plan. No further accruals will be made to your benefit after the freeze date. However, you will continue to accrue vesting service if you are not already vested. Eligible colleagues hired before January 1, 2013, were automatically enrolled in the plan after completion of one year of service and were vested after five years of service. If you were hired before January1, 2013 but were not vested when the plan was frozen, you will continue to accrue vesting service as long as you are actively employed. You will be fully vested after five years of service.
You are eligible to receive a benefit when you leave Sysco if you have at least 5 years of vesting service or are age 65 or older with at least one year of service. Normal retirement age under the Plan is age 65; however, you may elect to receive a reduced early retirement benefit if you are at least age 55 and have completed ten or more years of vesting service. If you are vested but do not meet the eligibility to start your pension early, you will have a deferred benefit payable at your normal retirement age of 65. Generally, the formula for calculating your benefit is based on 1.5 percent of your eligible career earnings through December 31, 2012.
If you are eligible to receive a benefit, the Plan administrator will provide you with your pension information, approximately 60 days following your employment end date. You must complete and return your Election Forms and supporting documentation to the Plan Administrator within 180 days from the date of your letter. Benefit payments will commence as soon as administratively possible based on the date the forms are received. Forms must be returned by the 5th day of the month to ensure payment by the 1st of the following month. Participants who are vested but do not meet the early retirement eligibility requirements will receive a deferred vested benefit package explaining what their monthly benefit amount will be at age 65.
The plan administrator can be reached by calling 1-800-557-9726 and selecting “pension” from the phone menu. You can access your account here.
For additional details about the Sysco Retirement Plan, read this guide.