pension plan
For participants as of December 31, 2007.
The Art Institute provides a defined benefit pension at retirement for eligible participants. You continue participating in the plan as long as you remain a pension-eligible employee.
The Art Institute closed the Pension Plan to any future participants starting January 1, 2008.
How We Invest in You
The plan uses a formula based on your years of service and average monthly earnings to calculate the defined benefit amount you’ll receive at retirement.
Pension Plan benefits are 100% funded by Art Institute contributions. Employees do not contribute to this plan.
When You Earn a Right to the Benefit
You become “vested” or earn a right to your pension benefit when you complete five years of employment with the Art Institute.
Receiving Benefits
Once vested, you’re eligible to receive pension benefits after you end your employment with the Art Institute. You’ll have a variety of payment options to choose from when you retire.
Note: If you start receiving your pension before reaching normal retirement age, your monthly benefit will be reduced. Normal retirement age is the earlier of age 65 with five years of service or age 65 with five years of plan participation.
Your eligibility depends on how long you’ve been with the Art Institute and your employment group. Refer to the Who’s Eligible page for more information.