I'm not familiar with pensions and how they work.

Pension info for a company I'm interviewing with:

Company X Pension Plan:

-All employees are eligible to participate in this plan.

-Your pension benefits are 1.1% of your final average

pay multiplied by your years of service, up to 35 years.

-You are eligible to participate in the plan upon hire or at age 21, whichever is later.

-Your benefits are vested after five years of service.

-You may retire as early as age 55 if you have 10 years of Company X service.

Considering the above, let's say my final average pay is 60k annually, and my years of service is 10.

Is this calculation correct?:

1.1% of final pay=60,000 x 0.01=600

Years of service=10, so 600 x 10=6000

Is the $6000 figure correct? Is that how much I'd get per year in retirement from this employer? And for how many years? Or is it that I just get $6000 in a one time lump sum?