Retirement Benefit Plan
Liberty Mutual wants to help employees reach their retirement goals. The Retirement Benefit Plan contributes toward that goal and is entirely company paid.
How the plan works
Employees who were hired after January 1, 2014, can earn a Cash Balance Benefit. Employees hired before January 1, 2014, earn a Cash Balance Benefit, and they may also receive a benefit under the Final Average Pay or Career Average Pay formula, whichever provides a higher benefit.
|Employees hired after January 1, 2014, are eligible for the Cash Balance benefit.||Liberty will provide monthly pay credits and interest credits through a cash balance account:
The Retirement Benefit Plan is available to most full-time and part-time U.S. employees classified as regular, permanent or non-temporary employees, using the following guidelines:
- Employees scheduled to work 30 or more hours per week who meet eligibility requirements may participate in the Retirement Benefit Plan on their hire date.
- Employees scheduled to work less than 30 hours per week who meet eligibility requirements may participate in the Retirement Benefit Plan after working 1,000 hours during a consecutive 12-month period following their hire date.
Note: Different eligibility requirements applied prior to January 1, 2014.
Employees will become 100% vested in their benefit once they have completed three years of service.