I plan on retiring soon. When a Certegy employee retires, does Certegy set up an annuity for the employee with a 3rd party to pay the pension benefit or does Certegy expense the pension payout each year?
A- The Certegy pension plan is subject to special Internal Revenue Service and Department of Labor rulesthat protect participant’s rights and benefits in the pension plan. All funds contributed by Certegy to the pension plan are held by a third-party trustee in a separate trust. Once a Certegy employee retires and is eligible to receive a pension benefit, the trustee pays the pension benefits to the retiree.
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