Pension Benefits
You are eligible to receive pension benefits if you meet any of the requirements shown in the chart below and you are vested:
|
Retirement Date |
Age |
Years of Vesting Service |
|
Normal |
65 or Older |
5 |
|
Early Reduced |
55 to 62 |
15 |
|
Early Unreduced |
At any age |
30 |
|
Disability* |
At any age up to 65 |
15 |
*You must be totally and permanently disabled as determined by the Board of Trustees.
You can also qualify for a Deferred Vested Benefit if you leave Covered Employment before you are eligible for a Normal Early, or Disability Benefit, but after you become vested.
You are vested if you
Annuity Benefits
You will have a vested right to the money in your annuity accumulation account after only two years of Benefit Service, without incurring a break in service. This means, that after two years of Benefit Service, it's your money.
If you retire after meeting the qualifications for pension benefits under the plan, your are entitled to receive the full value of your account balance. Your account balance will be paid to you as a Single Life Annuity or a Joint and Survivor Annuity, depending on whether you are married when you retire. You may also elect to receive your account balance in installments for a period of 12-to-180 months, provided your account balance is $2,000.00 or more, or in a lump sum. If you are married, you must have your spouse's written notarized consent to elect an optional payment form.
If you have a break in service before you earn two years of Benefit Service, you will forfeit the amount in your Annuity Accumulation Account.
If you do not work under Covered Employment for a period of 24 consecutive months after you have earned two or more years of Benefit Service, you will be entitled to receive a lump sum payment of your total account balance.
If you die with more than two years of Benefit Service, your beneficiary will receive a lump sum payment of your total account balance.
