After Dec 31 2006 the credited service stops growing. However benefits can continue to grow as pay grows, The growth will be slower. The final average after 2016 will stop growing. So my understanding or lack there of is that The guys that have been in the pension a year as of Dec 31 are in, but no new contributors. The highest 5 years of earnings will determine final compensation instead of the last five and they do not have to be consecutive. They are shifting to more potential increase in the 401k. mainly to avoid the upswing and downswing of the way the old plan worked. They also have made it to where you are now allowed to give your bene's too whom ever you decide as of where before it was you and spouse and if you both passed on noone got anything. you can also roll the pension into the 401k or as you choose, instead of no choice, as was my understanding from this morning. there is more to it, but this will give you a descent base of understanding I hope.