The Huntington Bancshares Retirement Plan (Pension Plan) provides benefits that are payable at retirement to participants hired on or before December 31, 2009.
Note: The Pension Plan was frozen December 31, 2013. This means that pension-eligible colleagues will not earn any additional pension benefits for service and pay. The Pension Plan freeze impacts colleagues hired on or before December 31, 2009.
Below is a high-level overview of the Pension Plan. For details, review the Retirement Plan Employee Handbook.
|Eligibility||You are eligible if you were hired on or before December 31, 2009. If you were hired on or after January 1, 2010, you are not eligible to participate.|
|Contribution||Huntington pays the full cost of your benefit.|
|How Your Benefit
|Your pension benefit is calculated based on a formula that includes your pay and service with Huntington through December 31, 2013.|
(ownership of your account)
|You are vested after 60 months of continuous service with Huntington. This means that, after 60 months of continuous employment, the benefit you have earned under the Pension Plan cannot be forfeited.|
|Benefits if You Leave Before Retirement||If you terminate employment on or after January 1, 2014, with a vested Pension benefit, you may elect to receive your benefit in one of the following ways:
|Benefits at Retirement||You can receive a benefit when you retire at normal retirement, generally age 65. You can work beyond normal retirement and receive a benefit when you actually retire. You can retire any time after you reach age 55, if you have at least 10 years of service.|
|Survivor Benefits||If you die before becoming vested, no benefit is payable. If you die after becoming vested, a benefit will become payable to your spouse (if you are married), your estate (if you are not married) or to your designated beneficiary.|
Interested in an estimate?
- Request a pension estimate when you are eligible to retire and want to know your options. Please request options only once a year. Estimates take approximately two weeks to process.
What you need to do when you decide to retire
- When you decide to retire, you'll need to review the impact on benefits you’ve enjoyed as an active employee.
- Review Your Retirement — Things You Should Know.
- Complete a Notice of Intent to Retire Form at least three months prior to your retirement date and return it through internal mail to Corporate Employee Benefits Department at HCO339.