VMware provides a Retirement Plan “Versorgungsplan” for all regular employees.
If you begin working for VMware later than the 1st of January, you will be eligible for participation from the 1st of January of the following year. The potential contributions of the current calendar year will then be added to the calculation in the following year.
Under the Flexible Benefits Scheme, VMware contributes 6.5% of pensionable earnings (annual gross salary including commission, bonus and overtime reward up to On Target Earnings) to you for the purchase of the benefits provided under the Flexible Benefit Scheme. VMware will invest the portion of the 6.5% provision contribution, which has not been used for the purchase of Accident & Disability, Life, Long-Term Disability and Healthcare insurance, into the retirement plan.
You may elect to make voluntary contributions to the retirement plan.
Employer contributed capital vests after 3 years of service. If you transfer to another VMware entity or VMware corporation the employer contributed capital vests immediately; Employee contributed capital is immediately vested.
Normal Retirement Benefits
The annual amount of the long life retirement benefits payable shall result from the conversion of the acquired claims into pensions at the date of the commencement of the retirement benefits.
Early Retirement Benefits
If you wish to retire before the age of 65 (the earliest is at the age of 55), you are entitled to an early old age pension, which will consist of the sum of all rights to an old age pension minus an actuarial reduction.
When Coverage Begins
Coverage will begin on the first of January following your date of hire. Any potential contributions from the current calendar year will then be added to the calculation in the following year.
When Coverage Ends
Coverage will end on the last day of your employment with VMware. You may transfer the benefits to your new employer, if he provides a similar pension scheme. Otherwise you may take a lump sum payment or the accumulated capital remains at the insurer with a premium waiver until retirement and will then be converted into an annuity.