Retirement Income Plan (Pension)
What you need to know
The Retirement Income Plan, also called the pension plan, is fully paid for by Sandia since 1975 and provides a source of continuing income during retirement, provided you become vested.
It’s intended to supplement your income from other sources during retirement, including your Sandia 401(k) plan, Social Security benefits, and other savings.
Note: The pension plan is closed to new employees and rehires.
NTESS Pension Insights: Your Questions Answered
Join us for a meeting dedicated to answering your questions about the Pension Plan.
June 2, 2025, 1-1:45 pm MDT
View: NTESS Pension Insights: Your Questions Answered using the ‘Watch Now’ button below.
Questions: Submit your questions to NTESSPensionQuestion@sandia.gov.
How Sandia Calculates Your Pension
Your pension provides you with a lifetime income benefit when you retire.
The amount of your pension is determined by a formula that includes your:
- Earnings (as defined by the pension plan rules)
- Credited service with Sandia
- The plan’s retirement age factor
Refer to the plan’s summary plan description document for more details on the pension formula.
When You Become Eligible to Begin Pension Payments
You need to meet the plan’s minimum age and service requirements to begin your pension.
If you leave Sandia before meeting these requirements, you may be eligible for a deferred vested pension.
Refer to HR Solutions for more details on when you can start your pension payments.
Deferred Vested Pension Benefits
If you terminate employment with Sandia and you are vested in the plan but not yet eligible to begin your pension, you are eligible for a deferred vested pension.
Your deferred vested pension payments can start at age 65, or you can elect to receive a reduced pension annuity earlier than age 65, provided you meet the plan’s minimum age and service requirements.
I’m in the pension plan – can I contribute to the 401(k)?
The answer is yes! Sandia encourages you to save as much as possible for your future. You can contribute your own money to the 401(k), and Sandia matches 66-2/3 cents on every dollar you contribute, up to 6% of your eligible earnings.
As a pension plan member, you are not eligible for Sandia’s enhanced, service-based 401(k) contribution, but our generous match can help you boost your retirement savings.
Pension Plan Close Dates – By Employee Group
The Retirement Income Plan is available to eligible non-represented retirees who were hired or rehired before January 1, 2009
The Retirement Income Plan is available to eligible represented retirees who were hired or rehired before July 1, 2009 (OPEIU) or July 1, 2010 (MTC and SPA).
Eligible represented employees who were hired or rehired before July 1, 2009 (OPEIU) or July 1, 2010 (MTC and SPA) were previously part of the Pension Security Plan. Starting January 1, 2013, the Pension Security Plan was merged into the Retirement Income Plan.
Contacts and Resources
The Retirement Income Plan Summary Plan Description has details about how these benefits are administered.
Retirement Income Plan Annual Funding Notice
Retirement Income Plan Annual Funding Notice FAQ
Contact HR Solutions by phone or email with questions about the pension plan.
Get More Details
Quick Tip
Making a plan can pay
Sandia works with Financial Engines to help employees plan and save for the future. Take advantage of their online tools or make an appointment with a professional financial advisor. Get started at www.financialengines.com/forSandia.