The Pfizer Pension Plan
(closed to new participants as of Jan. 1, 2011)
Pfizer’s primary retirement plan is the Pfizer 401(k) Savings Plan. For colleagues who have a legacy pension benefit, it’s an important part of retirement planning so make sure you’re familiar with the benefit and what it means for you. If you are eligible for a pension benefit under the frozen Pfizer Consolidated Pension Plan (PCPP), you will see that on your Fidelity NetBenefits homepage. The Pfizer Pension Plan was closed to new hires, rehires, and transfers from outside the U.S. (except Puerto Rico) beginning January 1, 2011, and all creditable service accruals and pensionable earnings were frozen effective December 31, 2017.
Generally, vested participants are eligible for all or a portion of their benefit payment once they leave Pfizer. Your pension benefit is designed as a monthly annuity payment; however, you are able to choose from other optional forms of payment (e.g., a lump sum) when you stop working at Pfizer. Understanding your payment options and what works best for you and your family is an important decision — don’t leave it to the last minute. Work with a Fidelity Workplace Planning Consultant to plan a successful transition to retirement.
For more information on the optional forms of payment available or to model your pension benefit, go to netbenefits.com. You can speak with a Workplace Planning Consultant by calling 1-866-476-8723 and follow the Colleague Services prompts for Benefits at Fidelity to reach the Pfizer Benefits Center.
Service with Pfizer and Pension Milestones
As long as you remain active with Pfizer, your service towards eligibility for milestones, such as early retirement, will continue to count.
To Learn More
For more information about the PCPP, view the Summary Plan Description at netbenefits.com > Pfizer Consolidated Pension Plan > Plan Information and Documents > Summary Plan Description. You can also call 1-866-476-8723 and follow the Colleague Services prompts for Benefits at Fidelity to reach the Pfizer Benefits Center.
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