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The Cash Balance Plan is the retirement plan for employees of BASF Corporation who began work on or after July 1, 1999. The Cash Balance Plan is designed to provide a portion of your financial security for your retirement. The following highlights the Plan's features.
Eligibility. You are eligible to participate in the Cash Balance Plan after completing one year of employment. Participation is automatic.
Cost sharing. The Company pays the total cost of the Cash Balance Plan.
How Your Benefit Grows. Each month, the Company credits your Cash Balance Plan account with: - Pay credits, a percentage of your eligible monthly pay based on your age and years of service. See the chart below. - Interest credits based on an average 30-Year Treasury Bond rate.
Vesting. You are fully vested in the value of your account after completing five years of service.
Payment options. There are several payment options available when you terminate employment, including monthly annuities and a lump sum payment (all are payable at or after age 55).
Beneficiary. You can designate any person(s) as your beneficiary(ies) in the event of your death. If you are married, you may name someone other than your spouse as beneficiary if your spouse provides written, notarized consent.
Statements. Quarterly statements will help you track the growth of your Cash Balance Plan account and plan for your retirement.