A plan freeze stops accruals for new hires and sometimes for everyone already enrolled

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Cliff vesting at five years means leaving at four years and eleven months pays nothing from the employer side A defined benefit formula multiplies final average salary by years of service and an accrual rate Vesting requirements decide whether you leave with a benefit at all or only with your own contributions Benefit formulas that use career average earnings pay less than final salary ones for the same years of service Waiving the joint and survivor annuity requires a spouse's written consent in most private plans Buying service credit for earlier employment raises the formula benefit but costs its full actuarial value Converting the pension to a lump sum uses the plan's own rate which is rarely the annuity you could buy outside A subsidized early retirement factor inside a defined benefit plan can be worth more than a year of salary A safe harbor design buys exemption from the testing rules by promising a minimum employer contribution every year Withdrawing from a multiemployer plan can trigger a liability payment that a small contractor cannot survive