Questions about your retirement
Zenith American Solutions
Zenith American Solutions is the plan administrator for the Alaska United Food & Commercial Workers Pension Fund.
Only the Administration Office is authorized by the Board of Trustees to answer your questions.
Call Alaska Zenith Representative Kimberly
907-258-1467
for additional questions or to schedule an in-person appointment.
Zenith American Solutions is the plan administrator for the Alaska United Food & Commercial Workers Pension Fund.
Only the Administration Office is authorized by the Board of Trustees to answer your questions.
Call Alaska Zenith Representative Kimberly
907-258-1467
for additional questions or to schedule an in-person appointment.
Your Retirement
There are two common types of retirement plans, Pension Plan and 401(k) Plan, most use these terms interchangeably and don't realize there are several key differences between them!
A pension plan (or defined benefit plan) is a retirement account that is sponsored and funded by your employer. It's based on a formula that includes factors such as your salary, age, and the number of years you have worked at your company. For example, your pension benefit might be equal to 1% of your average salary for the last five years of employment, and then times your total years of service. Over the years, your employer makes contributions on your behalf and promises to make you regular, predetermined payouts every month when you retire.
That means, only your employer contributes, and you don't!
A 401(k) plan is a retirement account for employees who wish to save for their retirement. The employer holds back a part of your salary (tax-deferred) and places it into a fund that you'll receive once you retire. Some employers may match the contributions made by their employees with their own money.
That means you are the one contributing, and your employer (if applicable).
Because 401(k) plans are meant to encourage you to save for retirement, there are heavy tax penalties for early withdrawals (before age 59).
Key differences:
There are two common types of retirement plans, Pension Plan and 401(k) Plan, most use these terms interchangeably and don't realize there are several key differences between them!
A pension plan (or defined benefit plan) is a retirement account that is sponsored and funded by your employer. It's based on a formula that includes factors such as your salary, age, and the number of years you have worked at your company. For example, your pension benefit might be equal to 1% of your average salary for the last five years of employment, and then times your total years of service. Over the years, your employer makes contributions on your behalf and promises to make you regular, predetermined payouts every month when you retire.
That means, only your employer contributes, and you don't!
A 401(k) plan is a retirement account for employees who wish to save for their retirement. The employer holds back a part of your salary (tax-deferred) and places it into a fund that you'll receive once you retire. Some employers may match the contributions made by their employees with their own money.
That means you are the one contributing, and your employer (if applicable).
Because 401(k) plans are meant to encourage you to save for retirement, there are heavy tax penalties for early withdrawals (before age 59).
Key differences:
- pension plan is funded by the employer, while a 401(k) is funded by the employee. (Some employers will match a portion of 401(k) contributions.)
- A 401(k) allows you control over your fund contributions, a pension plan does not, and is instead a predetermined amount based on years worked, salary, and age.
- Pension plans are guarantee a monthly check in retirement a 401(k) does not offer guarantees.
Alaska UFCW Pension Plan Highlights
Who is eligible? |
Employees of contributing employers who are required to make contributions on your behalf. You must complete at least 375 covered hours of service in a calendar year to earn a year of "Credited Service" |
When Participation Begins? |
First day of the month for which employer contributions are required |
Cost of the Plan |
The plan is funded by your employer's contributions. You do not contribute. |
Vesting |
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When Benefits May Begin |
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