Employees are eligible to participate in Sandia's retirement pension plan upon reaching age 21 and completing one year of service.
Retirement Income Plan (RIP) is for non-union employees.
Pension Security Plan (PSP) is for union-represented employees.
Employees are eligible for a service pension when the following minimum age and term of employment requirements are met:
| Age | Term of Employment |
|---|---|
| any age | 30 years |
| 50 | 25 years |
| 55 | 20 years |
| 60 | 15 years |
| 65 | 10 years |
Survivor Annuity enables employees to elect pension benefits for their eligible survivors.
The savings plans provide a convenient way to save on a regular and long-term basis through payroll deductions. The employee may contribute from 2 to 18% of eligible earnings per pay period. After one year of service, Sandia will begin matching employee contributions of up to 6% of annual salary at the rate of 66.67%. Employee contributions and Sandia matching contributions are vested immediately. The plan offers 18 investment options ranging the investment spectrum. At the employee's option, contributions may be designated as after-tax or pre-tax, subject to a maximum specified by the IRS for each year.
Enrollment in the medical plan, dental plan, and some life insurance plans continues if the employee retires with a service or disability pension.