Both the Dow Employees’ Pension Plan (DEPP) and the Union Carbide Employees’ Pension Plan (UCEPP) will be retained by Dow.
- For retirees, this means that your benefits will continue to be paid from the same sources as before.
- For active heritage Dow employees continuing with Dow, the transaction does not affect your pension benefits.
- For active employees transferring to Corteva or DuPont, this means that your vested accrued benefits as of Dow’s separation from DowDuPont will remain with the Dow plan where they currently reside today – and you can commence your retirement benefit based on the current plan rules.
IRS and Department of Labor rules strictly protect a participant's rights to his or her vested accrued benefit. An "accrued pension benefit" is the benefit that an employee has earned as of a particular day.
Accrued benefits for U.S. tax-qualified pension plans are held in trusts that are separate legal entities from both Dow and DuPont. Qualified U.S. pension benefits are protected under federal law, and the plans must meet their obligation to existing pensioners and other plan participants with the assets held in the trust. The protection under federal law prohibits plans from using pension assets for any purpose other than paying benefits and qualified plan expenses.