Chrysler announced it will freeze pension benefit accruals as of December 31, 2013 in the Chrysler LLC Pension Plan (CPP), Chrysler Group LLC Salaried Employees’ Retirement Plan (SERP), and the Chrysler Group LLC Executive Salaried Employees’ Retirement Plan (ESERP). Effective with the freeze, the company will instead make contributions to an Employee Management Retirement Plan (EMRP) account that is managed by the employee. Chrysler has also revised factors in their defined benefit pension formula to allow "retirement eligible" employees to receive 100% of accrued benefits earlier at age 58, revised from age 62, for those retiring on or after January 1, 2014.
If you have questions about the pension freeze, how you should manage the contributions in the EMRP, or how these changes will impact your retirement plan, contact Mainstay Capital Management toll-free at 1-866-444-6246.