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Space Systems Division Benefits
Retirement Plan
These are some of the highlights:
 ITT pays the full cost of the Retirement Plan.
The Plan offers employees an annual choice of pension formulas.
The Traditional Pension Plan (TPP) formula provides a benefit equal to 1.5% of your Final Average Pay times your years of Benefit Service (maximum of 40 years), offset by 50% or less of your Social Security Benefit. This benefit is payable in monthly installments, beginning at age 65, after qualifying for Normal Retirement (a reduced benefit is available as early as age 55 with 10 years of Eligibility Service).
The Pension Equity Plan (PEP) formula provides a benefit equal to a percentage of Final Average Pay, based on your age and years of Benefit Service. The percentage of Final Average Pay earned each year is based on your age each year and ranges from 3% (under age 30) to 6% (age 50 and over). This benefit can be paid as a single sum shortly following termination of employment, provided you are vested when you leave the Company.
You are vested if you leave the Company with at least 5 years of Eligibility Service.
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