In addition to the Spectrum Investment Savings Plan, Cooper provides its people with the Spectrum Retirement Plan, which is a defined benefit plan. Together with your Investment Savings plan account, your Social Security and personal savings, the Retirement Plan provides a foundation for your future retirement income.
Spectrum Retirement Plan Update- 12/13/04
Your retirement savings is based on your average salary during the duration of your career at Cooper. Each year you work at Cooper, a percentage of your earnings for the previous year (called a pay credit) will be added to an account established in your name. Your account will also be credited with interest at the 30-year U.S. Treasury Bond rate.
This pay credit will be a percentage of your annual earnings and is based on your age and service credit. As your age and service credit increase, the amount of your pay credit will increase.
Cooper people will become vested once they have obtained three years of service credit.
No. Cooper people who were age 40 and older with at least 15 years of service credit as of Dec. 31, 2001, continue to be covered under their heritage retirement plan.
Upon retirement, Cooper people have the option to leave their retirement account with Cooper and receive a monthly pension, or take their retirement account as a one-time, lump-sum payout and invest the money as they wish.
If you leave Cooper before you are eligible for retirement - which depends on your age - and you are vested you will have the option of taking the one-time payout and rolling it over into an individual retirement account (IRA) or selecting a deferred monthly annuity payment to begin at your normal retirement date. If you leave to work for another company, some employers allow you to roll your existing retirement account with Cooper into the new company’s retirement account.
If you are married and vested, your spouse will receive your lump-sum retirement benefit. If you are unmarried and are vested your lump-sum retirement benefit will be provided to a beneficiary you name.