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Postponed Retirement
When Am I Eligible For A Postponed Retirement Payment?
You are eligible to retire with a postponed retirement
payment if you work past your normal retirement date.
Effective January 1, 1988, if you are in bargaining unit
employment on or after January 1, 1988, the Plan will recognize additional
credited service and increases in your Base Pay after you reach age 70. (The
Plan recognized service after age 65, and until age 70, starting in 1983.)
Effective January 1, 1992, in no event however, will the Plan recognize more
than 40 years of credited service.
What Is The Amount Of The Postponed Retirement
Payment?
It is calculated the same way as the normal retirement
payment except the benefit is calculated on your actual retirement date instead
of your normal retirement date. However, if you attained age 70-1/2 before
January 1, 1988, retirement payments must begin by the April 1 following the
calendar year in which you reach age 70-1/2 or the date you retire, whichever is
later. If you reach age 70-1/2 after January 1, 1988, retirement payments must
start by the April 1 following the calendar year in which you reach age 70-1/2,
even if you continue to work beyond that date and remain a plan participant.
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