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This is something the company devised. Employees with over 5 years seniority will automatically default to the pension plan if a choice isn't made. Employees with less than 5 years will default to the 401k. The 401k contribution is 5.5% as long as I contribute the same or more. The pension plan contribution is jibberish to me..but I do know the calculation is 1.667% of my average yearly salary in my last 5 years of retirement times the number of years of service. The thing that worries me most is that the company pension won't roll over to my children in the event of the demise me and my husband.
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