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In-Service Pension
If you are Vested and working under covered employment when you reach age 70 ½, you may start to receive your pension the following month. You do not have to stop working in order to receive this pension.
Your pension will be calculated based on the number of credits you earned prior to the effective date of your pension. Once you stop working, your pension will be recalculated to include any additional credits you earned after your started collecting your pension.
The In-Service Pension benefit is determined using the Regular Pension Rate.
Mandatory Pension
If you are Vested, the Plan requires that you begin receiving your pension benefit by the April 1st following the calendar year in which you reach 72 years of age -- even if you are still working in Covered Employment.
If you are not yet Vested by age 72 your required first payment date will be the January 1st of the calendar year after the date in which you become Vested.
| Example: | |
|---|---|
| If you reach age 72 between: | Your required first payment date would be: |
| January 1st and December 31st, 2022 | April 1st, 2023 |
| You would then receive an April 1st, 2023 check based upon the benefit you earned as of December 31st, 2022. | |
Your 72 Year-Old Mandatory Pension benefit is determined using the Regular Pension rate.
If you continue to work in Covered Employment after age 72, you will continue to accrue Pension Credits while also receiving your benefit payments. The additional Pension Credits you earn will be counted towards your monthly benefit each year. The first payment of the additional amount earned in each calendar year, beginning with the calendar year that includes your required first payment date, will begin with your March 1st check, which will also include an amount equal to the increase that was due for January and February.
Note: If you reach age 70 ½ prior to January 1, 2020, your mandatory starting date will be the April 1st of the calendar year after your reached age 70 ½.
