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GPC PENSION PLAN TRANSITION - TERMS TO KNOW
Accrued Benefit
The amount of benefit that a participant has earned under the Pension Plan. Accrued benefits were frozen as of December 31, 2013.
Alternate Payee
Someone recognized by a domestic relations order with the right to receive all or a portion of a participant’s Pension Plan benefits.
Annuity
A benefit that pays a guaranteed income for the rest of the participant’s life or specified time frame, if elected.
Beneficiary
An individual designated to receive Pension Plan benefits following the death of the participant.
Deferred Participant
A Pension Plan participant not currently receiving benefits. These can be current or former GPC employees.
GPC Pension Plan
A defined benefit retirement plan that provides lifetime annuity benefits to participants. The GPC Pension Plan was available to new employees until March 1, 2008 at which point no new hires or rehires were permitted to join the Pension Plan.
Independent Fiduciary
An Independent third-party expert who acts in the best interest of Pension Plan participants by evaluating and selecting an insurance company to take over the responsibility for paying benefits to Pension Plan participants.
In-Pay Participant
A Pension Plan participant currently receiving benefits.
Lump Sum Payment
A payment option that provides the full value of a participant’s Pension Plan benefit at one-time.
Standard Plan Termination
The formal term for a Plan Sponsor completing a rigorous regulatory process to distribute retirement plan benefits to participants, as they elect, and transfer the administration and payment responsibilities of all remaining plan benefits to a qualified insurance company.
Source: General Parts Company Pension Plan Transition - TERMS TO KNOW.
This discussion is for informational purposes only. In the event of a discrepancy between any information presented, and any information provided by Genuine Parts Company Pension Plan, their information will prevail. Neither New York Life Insurance Company, its affiliates nor its agents are affiliated with Genuine Parts Company Pension Plan.
Michael DiGirolomo FSCP®, LUTCF®
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Genuine Parts Company Pension Plan (the “Plan”) FAQs for Deferred Participants
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GPC Pension Plan Termination - Key Dates