Retirement Plan

Through the "defined contribution plan", National Grid gives employees a lump sum of money (a % of lifetime earnings) upon retirement, assuming the minimum years of service is met. Employees can start accruing the benefit at ~3 years of service. But, who is going to stay at a company that long in the 21st century? Not many Millennials will. Maybe Gen-Xers will. Old-timer employees (Baby Boomers, mostly) have a "defined benefit plan"--a.k.a. pension with monthly pay-out for life. New employees aren't eligible for pensions anymore. They are being phased out.