Please note:
- The 1.5 Pension Plan is for Local 659 Union Employees hired prior to January 1, 2006.
- The 1.2 Pension Plan is for Bargaining Local 659 Employees hired between January 1, 2006 and March 31, 2014.
- Bargaining Local 659 Employees hired on or after April 1, 2014 are not eligible for the Pension plans.
- Bargaining Local 659 Employees hired on or after April 1, 2014 are eligible for the non-elective company contribution within the 401(k) Plan, in addition to any company match towards your contributions.
The Retirement Plan is a valuable benefit that can help you enjoy a more financially secure retirement. Best of all, it is entirely company paid. The plan is a defined benefit plan fully funded by Avista — you do not make any contributions.
Key Features at a Glance
- Automatic enrollment. You are automatically enrolled in the pension plan upon eligibility.
- No contributions required by you. All pension contributions are made by Avista.
- Choice of benefit payment options. You can choose the option that best matches your retirement income needs.
Eligibility and Vesting
You become eligible to participate in the plan after completing 12 consecutive months of service, working at least 1,000 hours during that time, and while employed by a participating employer.
After five years of service, you become fully vested in your pension benefit. This means you have a permanent right to receive your pension benefit when your employment ends.
How Your Benefit Is Determined
Your benefit provides a source of monthly income upon retirement from the company. The amount is based on when you retire and which form of benefit you choose.