Career Path > Money Matters

Exelon Pension Plan

(1/2) > >>

Jake1134:
Greeting everyone, I am new to this site and the industry. I am in the hiring process with Exelon for a security position and am wondering if anyone knows anything about their pension plan. All it says on the benefits page is that we are entitled to a pension plan at no cost to us (the employee). Anyone know exactly how the pension if formulated? They also offer a 401K with up to a 5% match. Thanks.

OldHP:

--- Quote from: Jake1134 on Feb 17, 2012, 10:47 ---Greeting everyone, I am new to this site and the industry. I am in the hiring process with Exelon for a security position and am wondering if anyone knows anything about their pension plan. All it says on the benefits page is that we are entitled to a pension plan at no cost to us (the employee). Anyone know exactly how the pension if formulated? They also offer a 401K with up to a 5% match. Thanks. 
--- End quote ---

They are all different, you need to go back to HR with the question.  I would surmise that they will provide additional information when you are actually hired.

Re: the 401K, if you can do it put in the 5%, it's like getting a 5% raise from the get-go!   ;)

Jake1134:
Thanks, and I already plan on contributing 5% right off the bat. I would be stupid not to.

a|F:

--- Quote from: Jake1134 on Feb 17, 2012, 10:47 ---Greeting everyone, I am new to this site and the industry. I am in the hiring process with Exelon for a security position and am wondering if anyone knows anything about their pension plan. All it says on the benefits page is that we are entitled to a pension plan at no cost to us (the employee). Anyone know exactly how the pension if formulated? They also offer a 401K with up to a 5% match. Thanks.

--- End quote ---

Exelon has gone to a 7% cash balance pension plan.  They put 7% of your base pay into a fake account which is then invested in a long-term bond (or something similar).  I don't recall which specific investment it was, however, I thought it was a decent, safe choice for something such as my pension.  You cannot change where they put that money.  You will be fully vested after three years. 

The 401k match is slightly more complicated than a 5% match.  As long as you put in 5%, they will immediately match 3%.  At the end of the year you can earn up to 3% more based on the company's EPS (earnings per share) for the year.  This year, we received 2.2%, and last year it was the full 3%. 

You will be able to purchase Exelon stock at a 10% discount, either for your 401k or as a separate investment.  They also pay a yearly bonus based on the performance of your site and the company as a whole.

Congrats on the new job!

Jake1134:
So how much can you expect to earn from your pension once you retire and is it based on a percentage of your highest average monthly salary or your ending base pay? Let's say that I work 34 years and want to retire at age 62, what would my pension amount be per month assuming I am a regular officer making 60,000.00? I am assuming the 401K will be around a couple hundred thousand if I contribute 5% and it is matched by at least 5%, that is not calculating interest or any other growth, just the contributions. I am new to the private sector retirement benefits, so thanks for any clarifications.

Navigation

[0] Message Index

[#] Next page