Sprint Retirement Pension Plan Overview

Sprint Retirement Pension Plan Overview

The Sprint Retirement Pension Plan (SRPP) is a qualified defined benefit plan, governed by the Employee Retirement Income Security Act (ERISA). The SRPP is designed to provide a portion of your retirement income. Sprint makes all contributions to the Plan, unlike 401(k) plans, where you make contributions from your pay. Sprint's contributions are made to the Sprint Master Trust and distributions are made from the Sprint Master Trust to you when you retire.

The SRPP began in 1966 and has over 40 separate appendices added to the Plan, detailing specific provisions of acquisitions and mergers regarding how service and benefits from prior plans will be recognized in the SRPP. As part of the Plan and its appendices, an employee's service and pension earnings (link) must be considered to determine the pension benefit.

All calculations must be carefully considered and analyzed to assure that benefits are properly being paid from the Plan. Your age and service determine when you can begin receiving payments from the Plan, as well as your eligibility for several types of retirement.

All pension benefit accruals were frozen on 12/31/2005. This means that you will not accrue (earn) any additional benefits after 2005.

Because the Plan's purpose is to provide income during retirement, your benefit payments will be highest if you start receiving them at normal retirement age. If you receive payments earlier, your monthly benefit may be reduced because your benefit will be paid over a longer period of time. You can receive your pension benefit under one of the standard forms of payment or choose an optional payment method. Pension payments are taxable income, so federal and state withholding rules apply.

Your Benefit Commencement Date (link) is the first day of the month following your Adjusted Date of Termination (link) under the Plan. For example, if your last day worked is September 3, 2012, and you have 25 days of paid time off remaining, your Benefit Commencement Date is November 1, 2012.

If you become divorced or separated, a Qualified Domestic Relations Order (QDRO) may affect how benefits are paid to you and your beneficiary.

After you have calculated your pension benefit estimate, analyzed your finances for retirement and reviewed your retiree benefit options, notify Sprint Retirement Services of your upcoming retirement by completing the I Want to Retiree section of this website. Also notify your supervisor of your plans to retire.

You may find additional information regarding your retirement and benefits available through the following sites located on i-Connect at My Life and Career>Benefits:

? Life Events ? Retiring ? Retirement Tools

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