In addition, the Company has a funded defined benefit plan (“Pension Plan”) and an unfunded defined benefit supplementary retirement plan (“SERP”), which provides benefits, for certain employees, in excess of qualified plan limitations.
Also know, what is the difference between a pension plan and a retirement plan?
A pension plan is funded by the employer, while a 401(k) is funded by the employee. … Pension plans guarantee a monthly check in retirement a 401(k) does not offer guarantees.
Additionally, what benefits do Macy employees get? Medical, Health Savings Account (HSA), Health Care Flexible Spending Account (FSA), Dental, Vision and Welfare Benefits Medical, Health Care FSA, dental, vision and welfare benefits are effective on your 31st day of service. (Dental, vision and welfare benefits are only offered if you are a regular associate.)