[hope4wealth]

My SO is one of the few people, these days, to have a DB Pension Plan.

As a part of this pension plan they also have Flex Options that they can contribute to, which include things such as: Early Retirement Pension, Bridge Benefits, Survivor Benefits and more. Participants are able to contribute to their Flex Options any time and can choose the amount they contribute. However, it's not clear on how much "should" be contributed for each of the options (or costs of each option) and if there is excess amount in the Flex account you can lose the money.

Anyone else have a similar type plan? Would appreciate any thoughts or inputs on how much we might be able to contribute without worry about losing this in the long run?

Likely haven't shared enough information related to this, but wanted general insights on flex options for DB Pension Plans and possible insight on how to calculate what you should contribute for various options.

Thanks in advance

 

[hope4wealth]

Here's an example of a flexible option plan, although the flex was apparently closed to new contributions as of 2014.

Thank you, it is very similar to this link and has similar verbiage on over contributing due to Income Tax Act etc.

 

[hope4wealth]

What always surprised me was the small percentage of employees who opted to take advantage of this company match.

Thank you, this is very helpful.

How do you know that you won't over contribute by doing this? As my SO's pension package states that excess money in the Flex pension account will be forfeited.

I do think it will be useful to contribute but want to ensure it's of value to do so, and would prefer not to forfeit any of our contributions in the end.