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Read DOL FAQs about retirement plans and ERISA

The Department of Labor explains Employee Retirement Income Security Act (ERISA) requirements for employer retirement plans, including vesting schedules, benefit accrual, fiduciary duties, and participant rights. ERISA requires cliff vesting at 5 years or graded vesting over 3-7 years for private pension plans.

Source: U.S. Department of LaborarticleApplies to: 2026
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Pension Benefit Estimation

A defined benefit pension pays a guaranteed monthly income for life, calculated as: Years of Service × Final Average Salary × Benefit Multiplier. A typical 2% multiplier over 30 years replaces 60% of your final salary. Only 14% of private sector workers still have access to a pension (2025), but 86% of public sector workers do.

Last reviewed: 2027-01-15 • Federal / General