Understanding your Dow Pension Plan benefits going forward
As of January 1, 2024, Dow provides benefits for all eligible employees through the defined contribution component of the Dow Pension Plan. These benefits will add to what you already earned under the defined benefit component through December 31, 2023.
What this means to you:
- You no longer accrue benefits under the defined benefit component (including the defined benefit Supplementary Income Plan, if eligible).
- Instead, you receive automatic contributions from Dow at a rate of 6%, 8% or 10% of your earnings based on a combination of age + service (i.e., points) under the defined contribution component.
- A new defined contribution Supplementary Income Plan may apply (if eligible) under the defined contribution component to provide an opportunity to get the full value from your Dow retirement benefits regardless of your total pay amount.
The two parts of your Dow Pension Plan benefit
It’s important to know, you have not lost any vested benefits accrued through December 31, 2023, under the defined benefit component of the Dow Pension Plan. The Company cannot eliminate or reduce the benefits you have already accrued. Your accrued benefits will continue to be available to you at retirement.
The two parts of your Dow Pension Plan benefit
It’s important to know, you have not lost any vested benefits accrued through December 31, 2023, under the defined benefit component of the Dow Pension Plan. The Company cannot eliminate or reduce the benefits you have already accrued. Your accrued benefits will continue to be available to you at retirement.
What this means for your pension under the defined benefit component
When you are ready to retire, your pension under the defined benefit component will be based on your age, as well as your earnings and service through December 31, 2023. This benefit is protected and will remain available to you. There is no action you need to take. Your service after December 31, 2023, will continue to count toward eligibility for early retirement subsidies. Your payment options at retirement remain the same.
You can learn more about your pension under the defined benefit component and model what your retirement income will look like through Dow Canada Pension Estimator. If you need assistance, call the Dow Canada Pension Service Centre at (866) 578-6962.
What this means for your pension under the defined benefit component
When you are ready to retire, your pension under the defined benefit component will be based on your age, as well as your earnings and service through December 31, 2023. This benefit is protected and will remain available to you. There is no action you need to take. Your future service after December 31, 2023, will continue to count toward eligibility for early retirement subsidies. Your payment options at retirement remain the same.
You can learn more about your pension under the defined benefit component and model what your income will look like through Dow Canada Pension Estimator. If you need assistance, call the Dow Canada Pension Service Centre at (866) 578-6962.
What to know about the defined contribution component
The defined contribution component is like a savings account but only the Company contributes. These contributions are invested so they can grow over time, providing a benefit to you and your beneficiary (if applicable) in retirement.
Dow contributes
Dow contributes a percentage of your earnings based on your age and service. This is referred to as points and is determined from date of employment.
Contributions you receive from Dow
Contributions you receive from Dow
Contributions for each year will be determined based on the point level you will attain in that calendar year. Ages will be rounded to the nearest age to determine contribution levels in the first calendar year you participate.
You choose investments
You control how your balance is invested. You can change your investment direction for future contributions or transfer amounts between funds at any time through Sun LifeLife (the administrator). If you do not make an investment choice or the total percentage does not equal 100%, the total/difference will be invested in the BlackRock LifePath® Index Segregated Fund whose maturity date is closest to, but not exceeding, your 65th birthday.
Keeping track of your account
You should have received a welcome letter from Sun Life Financial that includes your account number. Use this to create your account (if you haven't already). You will also have access to the defined contribution component of the Dow Pension Plan through Sun Life systems.
What statements and communications will I receive?
Quarterly account statements are available through Sun Life’s website – you will receive a paper copy mailed to you at least once a year.
Keeping track of your account
You should have received a welcome letter from Sun Life Financial that includes your account number. Use this to create your account (if you haven't already). You will also have access to the defined contribution component of the Dow Pension Plan through Sun Life systems.
What statements and communications will I receive?
Quarterly account statements are available through Sun Life’s website – you will receive a paper copy mailed to you at least once a year.
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