Does It Still Require 5 Years of Continuous Employment to Lock in a Pension Payment?
You are talking about being vested. Today most company's are turning away from a retirement pension. It is up to you to decide if you want to participate in a 401k plan or another program to build your retirement. Being vested does not necessarily mean retirement pension with that company. Normally it is 5 years of continuous work that gets you to being vested.
A pension is a contract for a fixed sum to be paid regularly to a person, typically following retirement from service. There are many different types of pensions, including defined benefit plans, defined...