Cost-of-living adjustments on a pension are granted by the plan sponsor and are never automatic

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A small benefit can be cashed out without the member's consent below a de minimis threshold Disability retirement usually requires a permanent impairment that ends your ability to do the job A plan freeze stops accruals for new hires and sometimes for everyone already enrolled Benefit formulas that use career average earnings pay less than final salary ones for the same years of service 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 Converting the pension to a lump sum uses the plan's own rate which is rarely the annuity you could buy outside Pension income is taxed when it is paid so deferral only helps if your rate is lower by then Vesting requirements decide whether you leave with a benefit at all or only with your own contributions A transfer value is priced on assumptions that favour the scheme rather than the member leaving it