Vesting
Retirement Options
Normal Retirement
Early Retirement (Reduced)
Early Retirement (Unreduced)
Forms of Payment
Joint & Survivor
5-Year Certain
10-Year Certain
Contingent Annuitant
Preretirement survivor
Disability Pension
FAQs
Forms
Participating Facilities
Newsletters
Links/Resources
Financial News
SPD
Slide Shows
Trustees
|
Normal
Retirement (Vested) |
Lifetime benefit available starting at age 65. Five Year Certain or automatic Joint & Survivor for spouse at 50% after retiree's death. | |
|
Early
Retirement (unreduced) (Vested) |
Lifetime benefit available when participant retires from active covered employment between the ages of 60 and 64 and has at least 20 years of credited service. | |
|
Early
Retirement (reduced) (Vested) |
Lifetime benefit available between the ages of 55 and 64, reduced by 1/2% per month for each month prior to the normal retirement date (age 65). | |
|
Retirement after age 65 (Vested) |
Lifetime benefit based on final average earnings and accrued credited service as of the actual retirement date. Payments begin the first of the month following the actual retirement date. | |
|
Disability (Vested) |
Available starting at age 50 with 15 years of credited service, with no reduction or waiting period. Must be receiving Social Security disability benefits. Transfers to a Normal Retirement benefit at age 65. |