A Hybrid Pension Plan

The Spectrum Retirement Plan creates one common pension plan for Cooper people.

The Spectrum Retirement Plan is what is known as a "hybrid pension plan." A hybrid pension plan combines many of the elements of a traditional pension plan with those of a retirement savings plan.

Elements of Traditional Pension Plans     Elements of Hybrid Retirement Plans
  • Company-paid contributions
  • Dependable income
  • Benefit growth based on pay and years of service
  • Benefit insured by Federal government agency
  • Company-paid contributions
  • Shown as account balance
  • Easier to understand
  • Benefit insured by Federal government
  • Access to vested account balance at termination or retirement
  • Variety of payment options, including cash-out option