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.
Please note:
| 1.5 Pension Plan Formula | 1.2 Pension Plan Formula |
Enhanced 401K | |
|---|---|---|---|
| Local 77-B | Hired on or before December 31, 2010 | Hired on or after January 1, 2011 from Local 77 Bargaining Unit | Hired Externally or from Non-Bargaining without Defined Pension Benefit |
| Final Average Pay | Highest 36 consecutive months in the last 10 years |
Highest 36 consecutive months in the last 10 years |
N/A |
| Pension Multiplier | 1.5% of base pay per year of Benefit Service | 1.2% of base pay per year of Benefit Service | N/A |
| Early Retirement Discount | 4% per year for each year younger than age 62 |
5% per year for each year younger than age 62 |
N/A - Per State and Federal Law |
Early Retirement Add Back |
For each year of service greater than 15 years, an early retiree receives 1% add back | No add back | N/A |
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.