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1. When can I retire?
As an Active Plan Member, you may retire at age 60 with a full pension, or as early as age 55 with a reduced pension. If you leave the industry and break service before age 55, you will become an Inactive Plan Member. You will be entitled to receive a full pension benefit at age 65 or a reduced pension payable as early as age 55.
2. How much will my pension be when I retire?
The amount of pension you receive is based on your years of credited service as well as the contributions you and your employer contributes to the Plan.
3. When can I transfer out my pension?
If you break service and you have not attained age 55, you are entitled to receive a lump sum transfer of the commuted value of the pension you have earned, as long as you transfer in the time limit provided by the Plan, usually 180 days after your break in service.
4. What is a commuted value?
The commuted value is the amount of money that, if invested today and left until you are 65 years of age, would be expected to provide the same monthly pension as you would have received from the Plan at 65.
The amount of pension you receive is based on your years of credited service as well as the contributions you and your employer contributes to the Plan. If you break service and you have not attained age 55, you are entitled to receive a lump sum transfer of the commuted value of the pension you have earned, as long as you transfer in the time limit provided by the Plan, usually 180 days after your break in service.
As an Active Plan Member, you may retire at age 60 with a full pension, or as early as age 55 with a reduced pension. If you leave the industry and break service before age 55, you will become an Inactive Plan Member. You will be entitled to receive a full pension benefit at age 65 or a reduced pension payable as early as age 55.
2. How much will my pension be when I retire?
The amount of pension you receive is based on your years of credited service as well as the contributions you and your employer contributes to the Plan.
3. When can I transfer out my pension?
If you break service and you have not attained age 55, you are entitled to receive a lump sum transfer of the commuted value of the pension you have earned, as long as you transfer in the time limit provided by the Plan, usually 180 days after your break in service.
4. What is a commuted value?
The commuted value is the amount of money that, if invested today and left until you are 65 years of age, would be expected to provide the same monthly pension as you would have received from the Plan at 65.
The amount of pension you receive is based on your years of credited service as well as the contributions you and your employer contributes to the Plan. If you break service and you have not attained age 55, you are entitled to receive a lump sum transfer of the commuted value of the pension you have earned, as long as you transfer in the time limit provided by the Plan, usually 180 days after your break in service.