The PEP is a defined benefit pension, which froze accruals (for all PEP eligible participants) as of December 31, 2001. The PEP plan is funded entirely by the company.
Who is vested?
The PEP requires 5 full years of service to become vested (prior service from acquired organizations is included).
What are included as eligible earnings?
The definition of pension eligible earnings used in the PEP includes regular earnings, overtime, sales related commissions or incentive and non-sales bonuses related to performance. The definition does not include non-performance bonuses or freelance earnings for editorial and artwork independent of regular pay. As a result, W-2 earnings will not always equal PEP earnings.
What is not included as eligible earnings?
Non-performance bonuses or freelance earnings for editorial and artwork independent of regular pay. As a result, W-2 earnings will not always equal PEP earnings.
Where can I get an estimate of my PEP benefit?
PEP eligible participants can create an estimate of your pension benefit at various retirement ages, compare multiple distribution options, and access Plan summaries, Frequently Asked Questions(FAQs) and required notices by visiting the Pearson Pension Benefit Center or by calling 1-855-275-0230. Representatives are available to assist Monday – Friday, 9 am to 6 pm.
Have questions about your pension benefit or unsure if you are eligible for a pension benefit?
Please call the Pearson Pension Benefit Center at 1-855-275-0230. Representatives are available to assist you 9 am to 6 pm, Eastern, Monday to Friday.