VMware will automatically enroll all regular employees into a Retirement plan with Caser once they have completed one year of service.
Employees are not able to make voluntary contributions into the Retirement plan.
VMware contributes an Ordinary Contribution of 2% of On Target Earnings (prorated for joiners and leavers). All contributions are paid annually. VMware may contribute an extraordinary contribution of 0%, 1% or 3% of On Target Earnings depending on the extent to which the revenue budget has been met.
|Extraordinary Contribution:||Revenue Budget Met At:|
|1%||Between 80% and 100%|
You are immediately invested in accumulated contributions with interest.
You will receive a Pension statement each year.
Normal Retirement Benefits
Your normal Retirement benefit is the accumulated contributions with interest. At retirement you have a choice of an annuity or lump sum (or combination of the two).
Early Retirement Benefits
You are eligible for an early retirement after age 60. Your early Retirement benefit is the accumulated contributions with interests.
If you should die while, your beneficiaries will receive the accumulated contributions with interest.
If you should become permanent disabled you may eligible to receive the accumulated contributions with interest.
When you leave VMware you can chose to maintain pension rights in the insurance policy until retirement, or transfer to another similar policy.
Policy Number: 54298