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 will be frozen, effective 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, and you continue to be employed with Huntington. 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.|
|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.|
(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.|
|How Benefits Are Paid||At normal retirement age, when you decide to retire, or at the time that you become eligible to receive your terminated vested benefit, you will receive a distribution packet. This packet will contain comprehensive information on your distribution and payment options available to you.|
|If You Leave Before Retirement||If you leave Huntington before you’re eligible to retire, but after you have become vested, you are entitled to a deferred benefit, usually beginning at your normal retirement date.
|Survivor Benefits||If you die while participating in the Pension Plan before becoming vested, no benefit is payable. If you die after becoming vested, a benefit will become payable to your spouse, if you have been married for at least one year.|
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.