On Dec. 31, 2010, eligible UPMC employees received their annual retirement credit posted to their Cash Balance Plan account, which can now be viewed on the Your Benefits Resources™ website.
To check your Cash Balance Plan account, log in to My HUB, click the Human Resources tab, and then select My Retirement under My Benefits. You will be linked to the recently updated Your Benefits Resources website, where you can view your Cash Balance Account balance in the Savings and Retirement “At a Glance” box.
The Cash Balance Plan is an employer-sponsored pension plan in which you begin participating on either the Jan. 1 or July 1 after you have turned age 21 and completed 1,000 hours of service. Your benefit under this plan is based on annual “retirement credits,” which are based on your age, service, and eligible earnings. You get this credit on Dec. 31 of each year in which you are paid for 1,000 hours of service.
For most UPMC locations, the retirement program consists of the Cash Balance Plan and the Savings Plan, which work together to provide annual contributions of 5.5 to 8 percent of your eligible earnings, in addition to your Savings Plan contributions, to help you build retirement income.
For more information about the Cash Balance and Savings Plans, visit the Retirement section of Infonet. Also, look for your 2010 annual retirement statement coming to your home address in late January 2011.