Overview

The Belk Pension Plan provides retirement benefits to certain associates who have met the Plan’s eligibility requirements for participation. The plan was closed to new participants after December 31, 2005, but associates who had met the age, service, and other requirements for participation before that date continue to participate.

To participate, an associate must have (before December 31, 2005) attained age 21 and completed at least 1,000 hours of service during the first twelve months of employment or during any Plan Year after employment date.

The Belk Pension Plan features a “cash balance” design, through which the Plan maintains a hypothetical account balance and provides retirement annuities based on that balance. By January 1, 2009, all benefit accruals in the Plan had been suspended or “frozen” to participants. However, participants who have not commenced payments continue to receive fixed annual interest credits to their hypothetical account balance (6.0% per year effective January 1, 2019).

Although the normal retirement age under the Plan is typically age 65, pension benefits are generally available to vested participants as early as age 55.