Marathon Petroleum offers the Retirement Plan to help provide you with income during your retirement. You are automatically covered under the plan.
Retirement Plan Overview
The Marathon Petroleum Retirement Plan is a Defined Benefit Plan, provided entirely at Company expense. You are vested in the plan after completing three years of service and, once you’re vested, you are eligible to receive a benefit when you retire or leave the Company. The benefit can be paid to you as a lump sum or through a variety of annuity payment options.
Cash Balance Benefit
You’ll receive pay credits to your account based on the chart below. The minimum annual interest rate is 3%.
|Pay Credit Percentages
|Age + Years of Cash Balance Service
||Annual Percentage of Eligible Pay Credited
|70 and over
If you participated in the plan prior to January 1, 2010, part of your Retirement Plan benefit will be paid from a legacy benefit when you retire or leave the Company. The amount of your legacy benefit is determined by a final average pay plan formula and is enhanced if you are age 50 with at least 10 years of vesting service. The cash balance benefit and legacy benefit will be combined for payment in one form of benefit.
Effective January 1, 2013, changes were made to the legacy benefit. These changes affect active employees with legacy final average pay benefits who have not yet retired and any former employees who have not commenced their final average pay benefit. The changes do not impact cash balance benefits.