Note: Effective January 1, 2008, the Citigroup Pension Plan (Pension Plan) was frozen. If you were not a participant in the Pension Plan on December 31, 2007, you won’t become a participant or have a benefit under the Pension Plan. No future additional benefits credits accrue under the Pension Plan for cash balance participants.

The Pension Plan is designed to pay a benefit after you retire. Generally, the amount of the benefit is based on your years of credited service, your pay, your age, when benefits begin and interest rates under the Pension Plan. The way you choose to receive the benefit — as an annuity or a lump sum (if eligible) — also affects the payment amount.

Some highlights of the cash balance component of the Pension Plan are below. For more information, refer to the Pension Plan’s Summary Plan Description.

Benefit Credits

Prior to January 1, 2008, each year the Pension Plan credited your hypothetical account with benefit credits equal to a percentage of your pay. You did not need to make any contributions to receive this benefit.

Interest Credits

Your hypothetical account will grow with interest (both before and after January 1, 2008), until you take a distribution from the Pension Plan.


In general, you become vested or entitled to a cash balance benefit in your hypothetical account balance after five years of service. Effective January 1, 2008, you become vested or entitled to your cash balance benefit after three years of service if you were not previously vested, provided you were credited with at least one hour of service on or after January 1, 2008. If you leave Citi, and the Participating Employers (together referred to as the “Company”) after vesting, the cash balance benefit you have accumulated is yours to keep.

Payment Options

You choose how to receive your benefit when you retire or leave the Company: either in a lump sum (if eligible) or as a monthly annuity.