Retirement

Non-Dirigenti

Non-Dirigenti employees are eligible to join the FONTE retirement scheme in accordance with the National Collective Agreement of Non-Dirigenti of the commercial sector.

Eligibility

All Non-Dirigenti employees are eligible.

Employee Contributions

If you were employed after April 1993 your contributions will be 0.55% of the annual gross pay plus 100% TFR (at employer’s charge)
If you were employed before April 1993 your contribution will be 0.55% of the annual gross pay plus 50% TFR (at employer’s charge)

VMware Contributions

If opted into the FONTE retirement scheme, VMware will contribute 1.55% of the annual gross pay.

Normal Retirement Benefits

The retirement benefit is equal to either:

a lump sum equal to a maximum of 50% of the assets and an annuity for the remaining assets;
an annuity based on 100% of the assets. The annuity can be either reversible or non reversible.

Death

In the case of your passing away, the accrued contributions, for employer, employee and interests, are paid to your beneficiaries.

Disability

In case you are unable to work due to disability, the accrued contributions, for employer, employee and interests, are paid to you.

Enrollment

To enroll in the FONTE retirement scheme, you must complete the attached  TFR form with your selected fund details and return a scanned copy to Payroll.

When Coverage Begins

Coverage will begin once the enrollment process has been completed.

When Coverage Ends

In case of termination of employment, you have the following options with respect to your pension benefit:

 to withdraw 100% of the assets;
 to transfer 100% of the assets to a different pension fund;
to keep the assets in the pension fund without any further contributions.

Dirigenti

Dirigenti employees are required to enroll in both the mandatory “Mario Negri” fund and the “Antonio Pastore” as set by the National Collective Agreement.

Eligibility

All Dirigenti employees are eligible to participate in the Mario Negri and Antonio Pastore funds.

Employee Contributions

You are required to make the following contributions:

Mario Negri: €592.25 per year (49.35 Euro per month).
Antonio Pastore: €464.76 per year (38.72 Euro Per month).

VMware Contributions

VMware contributes the following amounts towards your retirement:

Mario Negri: €9,162.12 per year (763.51 Euro per month).
Antonio Pastore: €4,296.48 per year. (358.04 Euro Per month).

Vesting

You are always 100% vested.

Normal Retirement Benefits

The Normal retirement benefit from Mario Negri Fund is equal to the accrued contribution paid during your whole career. The benefit can be either an annuity or a lump sum.

The Antonio Pastore is a pure endowment insurance contract with the return of the premium paid. The benefit is in form of a lump sum, with the possibility, at the retirement, to convert it into an annuity.

Death

Survivors’ pensions are paid under the Mario Negri system to your beneficiaries in the case of your passing away. This is subject to a five year contribution period, according to a fixed scale varying from 60% of your accrued retirement pension if there is only one survivor and up to 100% for three or more survivors.

Disability

Under the Mario Negri Fund, your accrued contributions are converted into an annuity when the following conditions are met:

The employee is unable to work;
Disability degree higher than 60%;
Minimum of five (5) years of seniority.

In case the disability leads to the termination of the employment, you can ask for the pay out of accrued contributions made in the Antonia Pastore pension plan.

Enrollment

To enroll in the Mario Negri and Antonio Pastore Funds, you must complete the attached TFR form with your selected details and return a scanned copy to Payroll.

When Coverage Begins

Coverage will begin on your first day of active work as a VMware employee.

When Coverage Ends

Once you leave the employment of VMware you will be eligible for the following:

Mario Negri: You can take the accrued benefits are paid as a lump sum or transfer the accrued benefits to another pension fund.
Antonio Pastore: You can take a lump sum equal to the accrued benefits or transfer the accrued benefits to another pension fund.