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Early Retirement
What Are My Early Retirement Options?
There are three early retirement payment options under the
Plan. Each is described below:
Early Retirement With
10 Years of Service
If you have at least 10 years of Past and/or Future Service
when you leave bargaining unit employment, you may elect to receive early retirement
payments at any time on or after the date you attain age 50 (assuming you have
terminated bargaining unit employment). Your early retirement payments are calculated
in the same way as the normal retirement payment except there is an actuarial
reduction in the amount based on your age when benefits commence. The actuarial
reduction is determined based on the following chart:
|
Percent
of Age 65 Retirement
Payment
Payable
|
|
AGE
|
EARLY
|
|
65
|
100%
|
|
64
|
96
|
|
63
|
92
|
|
62
|
88
|
|
61
|
74.4
|
|
60
|
67.7
|
|
59
|
61.7
|
|
58
|
56.4
|
|
57
|
51.6
|
|
56
|
47.3
|
|
55
|
43.5
|
|
54
|
40.0
|
|
53
|
36.9
|
|
52
|
34.0
|
|
51
|
31.4
|
|
50
|
29.1
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Early Retirement After Attaining Age 50 With 20 Years
of Service
The following table of early retirement factors apply to
those participants who, at the time of their termination of bargaining unit
employment, have attained age 50 and completed at least 20 years of Past and/or
Future Service.* These early retirement
factors apply to those participants who have one or more Hour of Service in
bargaining unit employment on or after January 1, 1998. (Different factors previously
applied.)
|
Percent
of Age 65 Retirement
Payment
Payable
|
|
AGE
|
EARLY
|
|
65
|
100%
|
|
64
|
100
|
|
63
|
100
|
|
62
|
100
|
|
61
|
100
|
|
60
|
100
|
|
59
|
95
|
|
58
|
90
|
|
57
|
85
|
|
56
|
80
|
|
55
|
75
|
|
54
|
70
|
|
53
|
65
|
|
52
|
60
|
|
51
|
55
|
|
50
|
50
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Rule of 85
The Rule of 85 became effective January 1, 2000. You are
eligible for the Rule of 85 if you meet the requirements of both (a) and (b):
- You have one or more Hour of Service in bargaining unit
employment on or after December 1, 1999; and
- The sum of your age (in years and months) plus the number
of your years of Past and Future Service (including partial years) at the
time of your termination of bargaining unit employment equals or exceeds 85.
If you meet the eligibility requirements for the Rule of
85, you may retire at any time (provided you satisfy the advance filing requirements
described here) and receive your retirement benefits
without reduction for early commencement.
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