What you need to know
Sandia’s retirement benefits play an important role in your retirement security by supplementing your income from other sources.
While you are working at Sandia, you have the opportunity to set aside savings for retirement through the 401(k) plan – and Sandia helps you save more, faster, with company contributions.
You may also be eligible for a Sandia pension.
Retiring with the Retirement Income Plan (Pension)
The Sandia pension plan is offered to:
- Eligible non-represented employees who were hired or rehired before January 1, 2009
- Eligible represented retirees who were hired or rehired before July 1, 2009 (OPEIU) or July 1, 2010 (MTC and SPA)
If you are eligible for the plan, and you meet the age and service requirements to receive a pension benefit, you can apply for retirement and begin your pension payments.
Keep in mind, it may take four to six weeks from your retirement date to receive your first pension payment. Then, you will receive pension payments on the first business day of each month.
In most cases, your pension payments are subject to tax withholding.
Sandia works with Prudential Investments to manage retirees’ pension plan payments.
Show me the money
Refer to the plan’s summary plan description to learn more about how Sandia calculates your pension benefit.
Retiring with the Retirement Savings Plan (401(k))
401(k) plan participants have the following options at the time of retirement or termination of employment:
- You can leave your money in the 401(k) plan, if your vested account balance, not including rollovers from other plans, is greater than $5,000.
- You can receive full or periodic distributions.
- You can roll over your account into an individual retirement account (IRA).
- You can roll over your account into another qualified retirement plan.
If you would like assistance with retirement income distributions, Financial Engines’ Professional Management Service offers Income +, which is designed to provide steady, monthly income from your 401(k) account. Visit Financial Engines or call 877-401-5762 to learn more.
Don’t forget about your non-Sandia benefits such as Social Security and Medicare.
Social Security may provide an important supplement to your retirement income; and Medicare provides valuable healthcare coverage options once you become eligible.
Take a little time to understand how all of the parts – Sandia’s retirement benefits, Social Security, and Medicare – will work together for you. Need help? Get in touch with a Financial Engines financial professional.
Contacts and Resources
Sandia Pension
Contact HR Solutions by phone, chat, and email with questions about the pension plan.
Fidelity (401(k))
800-240-4015
www.401k.com
Apps
Financial Engines
877-401-5762
www.financialengines.com/forSandia
Apps
- App Store
- Google Play (not available at this time)
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Quick Tip
Staying in touch with Sandia
You will have many opportunities to network with your fellow Sandia retirees and to stay up to date on things happening at Sandia and the communities in which we work.
Check out Sandia retirees to learn more.