The Pacific Gas and Electric Company Retirement Plan provides eligible participants with a fixed pension benefit that offers a source of steady income during their retirement. Your own savings, plus the benefits available to you from the Retirement Plan and Social Security, all contribute to your financial security in retirement.
Plan Documents and Administration
The plan document for The Pacific Gas and Electric Company Retirement Plan contains the detailed provisions of the Plan. If a conflict exists between the plan document and the portions of this Summary of Benefit Handbook or any other communications or documents, the terms of the plan document shall govern the operation of the Plan.
The Employee Benefit Committee of PG&E Corporation is the Plan Administrator and has the discretionary authority to interpret and construe the terms of the Plan, to resolve any conflicts or discrepancies between documents and to establish rules which are necessary or desirable for the administration of the Plan.
What this Summary Includes
This summary provides information that is pertinent to pensioners or survivors who are currently in pay status (that is, receiving a monthly pension benefit or annuity). Information on how your benefit was calculated at the time you retired, the marital/joint pension options that were available to you at the time of your application for benefits, and other information useful to employees prior to making their one-time, irrevocable application for retirement are not included in this summary. The provisions of the Pacific Gas and Electric Company Retirement Plan have changed from time to time. Your benefits were determined at the time you retired or applied for a vested annuity, and were based on the specific Pacific Gas and Electric Company Retirement Plan provisions at the time of your retirement. Retirees who participated in the Cash Balance Benefit formula under the Plan and who elected a lump sum payment of their Cash Balance Benefit under the Plan are not entitled to receive any continuing benefits under the Plan (unless they also participated in the Final Pay Pension.)