Delaware Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan

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US-EG-9312
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Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan between Semiconductor Components Industries, LLC and Motorola, Inc. regarding benefit pension plan meeting requirements of the Internal Revenue Service dated May 10, 1999. 6 pages.
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  • Preview Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
  • Preview Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
  • Preview Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
  • Preview Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan

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FAQ

An annuity, or stream payout, is the traditional way to receive income from a defined benefit pension plan. With this option, you get a check each month for the rest of your life or another fixed period.

Senate Bill 251 includes a one-time salary supplement of $500.00 for pensioners who retired prior to October 21, 2022. This one-time payment will be included with pensioner's November 30, 2022 monthly pension benefit.

Multipliers are sometimes known by other terms, such as ?accrual rate? or ?crediting rate? but they mean the same thing. A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.

As a member of the State Employee Pension Plan (SEPP), you earn creditable service time towards your retirement benefit each day on the job. Creditable service is used to determine your eligibility for retirement, monthly pension amount, and cost of health insurance.

Fifteen (15) years of credited service (must have five (5) consecutive years of credited service) and has attained age 60; Thirty (30) years of credited service (must have five (5) consecutive years of credited service) regardless of age.

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.

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Delaware Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan