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Deferred Retirement
When Am I Eligible For A Deferred Retirement Payment?
Effective January 1, 1989, you will be eligible for a deferred
retirement payment if you leave the Company before you qualify for early retirement
but after you have been credited with at least five (5) years of Vesting Service
(see here). You may receive the payment on the first
day of the month which coincides with or follows your normal retirement date,
or if you have completed 10 or more years of Past and/or Future Service when
you leave bargaining unit employment, you may be able to commence benefits earlier,
as described under the heading "Early Retirement," starting here.
What Is The Amount Of The Deferred
Retirement Payment?
The amount of a deferred retirement payment, and how it
is calculated, depends on whether you receive the payment starting before or
at your normal retirement date. If your payment starts before your normal retirement
date, there may be a reduction based on your age when payments begin (see
the description of the early retirement factors above). If payment starts
at your normal retirement date, there is no adjustment.
Is the Amount of the Deferred Retirement Payment Based
on Years of Vesting Service?
No, the amount depends on the total number of service credits
you earn during each Plan Year and the pension formula in effect at the time
during which you last worked in bargaining unit employment. However, you will
not be eligible for any deferred retirement payment unless you have been credited
with at least 5 years of Vesting Service.
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