What is a DEFINED BENEFIT PENSION?
How long does it take to get VESTED?
What is VESTING PAST SERVICE?
How can I CALCULATE MY BENEFIT?
These are some of the questions we hear from workers about Local 501’s pension. We have the answers in this section.
How does a DEFINIED BENEFIT PENSION plan compare to a DEFINED CONTRIBUTION 401K plan?
The Central Pension Fund has put together several pieces examining the two very different retirement paths. Click on the two documents below to learn more.
| Instructor at the training center, William Rider, laughs about his attempts to get bank personnel to explain how he could save an amount of money through 401K that would offer a monthly income comparable to his pension. | |
| Senior Electrician at Bally’s, Bill Hudson, says he will be very well off at retirement because of the strength of the Central Pension Fund | |
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Gene Lewis, Shop Stewart at Caesar's Palace, describes his imminent and exciting retirement |
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Slot Technician and Shop Steward at Luxor, Thomas da Silva, describes the relationship between his length of service and monthly pension benefit at retirement |
| Lisa Farmer, Engineer at Mirage, explains how a pension is a fixed benefit rather than a fixed contribution plan and why this is an enormous advantage |
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