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PENSION


CBS has two pension plans, a Defined Benefit (DB) Plan and a Defined Contribution (DC) Plan. For more information on the two plans, click on the Defined Benefit or Defined Contribution button.

 

The DB plan is a plan that guarantees a defined level of pension income based on the average of your five highest consecutive years' earnings, your years of pensionable service, and a basic accrual rate of 1.6 percent.

This plan is jointly trusteed by CBS and Participating Unions. Employees represented by these unions enroll in the Defined Benefit Plan when they are eligible; other employees may also join this plan, if they choose.

 

The DC plan is a plan that guarantees the level of contributions. You contribute 4.75% and CBS contributes 6.75%. You decide how to invest these contributions in a variety of available funds and the pension income you receive will be based on the amount of money in your account when you retire.

Employees who are not represented by Participating Unions may choose to enroll in the DC plan or the DB plan.




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