Retirement Plan
Each team member working on board a Carnival ship plays a major role in the success of each cruise, each guest's experience and, as a result, the success and profitability of our company. To acknowledge and reward your significant contribution, and to help you plan and save for your retirement, Carnival established The "Fun Ship" Retirement Plan for Shipboard Employees (the "Retirement Plan").
This plan provides you, or your designated beneficiary, with a lump sum benefit when you retire from Carnival, provided you have at least ten years of eligible service.
If you work at Carnival for at least 10 years and retire on or after January 1, 2003, you are eligible for a prorated lump sum benefit based on your position* and the percentages in the chart below. If you retire from Carnival after 35 full years of eligible service, you will receive your full lump sum benefit based on your final position with Carnival*
If you retire, take your benefit, and later return to Carnival, your service begins all over again.
*Your lump sum is based on the last position and category you held five years prior to your Retirement Date.
Benefit amounts, position and date of hire are subject to verification prior to payment.
Up through September 30, 2002, you received one Year of Service credit toward your benefit calculation for each Anniversary Year in which you worked at least one contract and did not incur a Break-in-Service.
Effective October 1, 2002, you will receive a Year of Service for each 12-month period from Anniversary Date to Anniversary Date in which you
1) worked at least 175 days** and ..
2) did not incur a Break-in-Service. You incur a Break-in-Service if you are off the ship and not in active service for a period of 191 consecutive days or longer (certain exceptions apply such as medical and pregnancy).
If you incur a Break-in-Service, your Years of Service and your Anniversary Date will be re-set to your new sign-on date.
Further, if you Retire or otherwise sign-off the vessel and do not return to Carnival and later return, your Years of Service and your Anniversary Date will be re-set, assuming you were gone greater than 190 days.
Alternatively, if you leave Carnival and take your benefit and later return, your prior Years of Service will only be reinstated if you:
1) return prior to incurring a Break-in-Service and ..
2) you re-pay your benefit payment.
If you sign-off for medical reasons and choose not to return, your Years of Service will be calculated as of your sign-off date.
(If you signed off prior to 1/1/03, your Years of Service are as of 1/1/03).
"Employees who worked less than 175 days in an Anniversary Year prior to 10/1/2002 and who also incurred no Break-in-Service are grandfathered.
