If you’re eligible to receive the Pension Plan through FMC Technologies, you should also consider saving money in the 401(k) Plan and other investment options to help you save even more for retirement. This page provides information about pension benefits for eligible salaried and non-union hourly employees who worked for the Company before January 1, 2010. Union participants should refer to their Industrial Retiree Benefit Programs and Pension Plan booklet for details regarding their pension benefits.
- The FMC Technologies Employee Retirement Program provides a lifetime monthly annuity payable to eligible employees after retirement.
- Additional payment options are available.
- Non-union employees hired after January 1, 2010, can’t participate in the plan.
To participate in the Pension Plan as a salaried or non-union hourly employee or union employee, you must:
- Be a U.S. citizen or legal resident with U.S. source income;
- Be full-time or part-time (regularly scheduled to work 20 hours per week/1,000 hours per year); and
- Have been hired before January 1, 2010, or be a union employee.
Non-union employees hired after January 1, 2010, cannot participate in this plan. If you were an active employee who was vested as of December 31, 2009 (five or more years of service), you will continue to earn benefits under the plan. If you were not vested as of December 31, 2009 (less than five years of service), your plan benefit is frozen. If you were rehired at any time on or after January 1, 2010, you are not eligible to earn a benefit under the plan.
A monthly annuity payable to you from your retirement date through the remainder of your life, funded entirely by FMC Technologies.
Your benefit is calculated based on the pension formula, your pay, your service and your age at the time of termination and retirement. The pension formula uses the average of the highest 60 consecutive months of pay out of your last 120 months of pay.
If your benefit was frozen, your calculations are based on your pay, service and age as of December 31, 2009.
Benefits are calculated using a “normal retirement age” of 65.
Benefits may be reduced if you retire before age 65 since your pension will be paid to you earlier and for a longer period of time. You can retire and elect to receive your benefits as early as age 55 with five years of vesting service.
You are fully vested after five years of eligible service.
|Beneficiary Rules Pre-Retirement||
If you are eligible for early retirement (age 55 with five years of service), you can choose either a spouse or non-spouse beneficiary if you should die prior to starting your pension benefit. However, if you are married, your spouse is automatically your beneficiary unless your spouse consents to a non-spouse beneficiary.
You may choose only one beneficiary for your benefit, and the beneficiary must be a person and not a trust.
If you are not age 55, your beneficiary will be your spouse.
|Beneficiary Rules Post-Retirement||
You make your beneficiary selection at retirement.
You can choose only one beneficiary for your benefit, and the beneficiary must be a person and not a trust.
|Automatic Forms of Payment||When you retire, the normal form of payment under the plan is:
Optional forms of payment (see below) can be elected.
|Optional Forms of Payment||
If you are married, your spouse is automatically your beneficiary unless he or she gives consent for you to choose another beneficiary. Also, if you are married, you will receive the 50% Joint and Survivor Annuity option unless your spouse consents to another payment option.
Other payment options are:
Once you elect your payment option, you cannot change it.
All benefits are paid in annuities; however, if the total value of your pension benefit is less than $1,000, you will be automatically paid in a single lump-sum payment.
Your Benefits Are Protected
The Pension Plan is a qualified retirement plan under the IRS regulations and thus protected from general creditor claims. All pension payments are paid from the Pension Trust, and the Company makes all contributions into this Trust. The monies in this Trust cannot be used for any other company expenses other than to provide pension benefits and to pay for some expenses related to providing the pension benefits.
In addition, the Company makes premium payments to the Pension Benefit Guaranty Corporation (PBGC). This government agency acts like an insurance company for qualified retirement plans. If the Company would ever declare bankruptcy, the PBGC would take over the Pension Plan and continue vested benefits. The Pension Trust would not be open to creditors of the Company.
Requests for Benefits
- To calculate your pension benefits, go to the Your Pension Resources™ website.
- Log on to the SAP Employee Self Service site (FMC Technologies network logon required).
- Choose Your Total Rewards under Benefits, then click Review your pension benefits to access the Your Pension Resources website.
- To request benefits, call the FMC Benefits Service Center at least 90 days before you plan to retire. Pension payments are made on the first of each month. Call +1 855..668..5037 (or +1 855..510..9604 if calling from outside the United States). Select “Retirement and Investment,” then “Pension,” 8:00 a.m. to 5:00 p.m. Central time, Monday through Friday.
This site is populated with your data and pay history, and new information is loaded once a month. You can model your pension benefit based on different termination and retirement dates. You can also vary your projected annual salary increases from 0% to 6%. Each estimate that you run will be saved to this site for a period of time, so you can refer to it later or compare it to another scenario.
There is no limit to the number of different estimates that you can run; however, the site can save only up to 30 estimates for you at any time.