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	» Benefit Restriction - Special Memo dated 3/28/2013 Effective April 1, 2013, the Benefit Restriction under the DB Plan has been lifted. » 2012 Annual Funding Notice This notice provides important financial information regarding the funding of the DB Plan as well as federal guidelines that govern the Plan to protect your pension plan benefits. » Funding Relief Notice Notice to inform participants that WHOI received funding relief in 2010 and for 2011 as permitted under federal law. » Benefit Restriction - Memo dated 3/31/2011 » Benefit Restriction - ERISA 101(j) Notice_3/31/2011 » Benefit Restriction - Special Memo dated April 26, 2011 Effective May 1, 2011, additional retirement distribution options available during the Benefit Restriction period. » 204(h) Notice of Plan Changes effective 12/31/2010 This notice is required to inform Plan Participants of the changes to the Defined Benefit Plan effective on December 31, 2010.  » Required Notice to Employees regarding IRS Determination of DB Plan This notice is required as part of the periodic submission of the Plan to the Internal Revenue Service (IRS) to check on its continued tax qualified status, including its compliance with laws and regulations, under a mandated IRS program to verify the Plan's status every five years. » Summary Plan Description This Summary Plan Description describes the principal features of the Retirement Plan as amended through January 1, 2006, and replaces all prior descriptions of the Retirement Plan benefits. [PDF document] » 2009 Schedule SB from Form 5500 » Retirement Estimate Request Form Use this form to notify Human Resources of your actual retirement date OR to request an estimate. [Word document]

IMPORTANT:  Effective January 1, 2010, no new participants will be allowed to enter the Defined Benefit Plan but will be eligible to participate in the new Defined Contribution Retirement Plan. Effiective December 31, 2010, the Defined Benefit Plan will be placed under a soft-freeze for current participants with all future retirement benefits being earned through the new Defined Contribution Retirement Plan.  For more information, please view the official 204(h) Notice for a detailed explanation of Plan changes.  

The Institution offers and pays for a non-contributory Defined Benefit Plan. Employees are automatically enrolled in the Defined Benefit Plan on the first day of the month following the completion of one year of eligible service.

Employees hired before January 1, 2006 are vested in the Plan benefit when they have completed three years of vesting service. Employees hired on or after January 1, 2006 are vested after completing five years of vesting service. Employees earn a year of vesting service for each calendar year that he or she is paid for at least 1,000 hours (125 days for marine crew employees).

In general, the Plan provides retirement income that takes into account years of credited service* with WHOI and eligible compensation for the five calendar years (in the last 10 years of employment) during which pay was the highest. 

The Defined Benefit Plan offers a variety of annuity options and, in some cases, employees may choose to receive a portion of their pension as a lump sum payment. 

*one full year of credited service is working at least 2,080 hours in a service year.