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, 1987, 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, prior to January 1, 1989, retirement payments must begin by the April 1 following the calendar year in which you reach age 70½ or the date you retire, whichever is later. If you reach age 70½ after December 31, 1988, retirement payments must start by the April 1 following the calendar year in which you reach age 70½, even if you continue to work beyond that date and remain a plan participant.