‍Sysco Retirement Plan (Closed)
Sysco’s Defined Benefit Plan
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, for salaried and non-union colleagues who 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.
Plan Status and Vesting
No further accruals have been made to your benefit as of December 31, 2012. However, you 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 January 1, 2013, but were not vested when the plan was frozen, you continue to accrue vesting service if you are actively employed. You will be fully vested after five years of service.
For additional details about the Sysco Retirement Plan, read this guide.
Receiving Your Benefit
Retirement Benefit Eligibility
You are eligible to receive a benefit when you leave Sysco if you have at least five years of vesting service or are age 65 or older with at least one year of service. The 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 10 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, your benefit is calculated based on 1.5% of your eligible career earnings through December 31, 2012.
How to Claim Your Pension
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 outlining their monthly benefit amount at age 65.
