TYPES OF PENSION
Several types of pension are available to Employees under this Plan. Eligibility requirements for the different types of pension vary and so do rates of payment.
The Administrative Office can tell you about your eligibility and explain various factors which should be considered when you are ready to think about
retirement.
This section describes the types of pension and the service, age and other requirements for each. The amount of monthly pension payment with each type will vary according to a number of factors, including when your pension credits were earned, when you apply for pension, the options you select, etc.
Information bearing on the amount of payment will be found in the section on "Pension Amounts" (page 13) and "Options and Other Provisions Affecting Beneficiaries" (page 19) as well as in this section.
SERVICE PENSION
Eligibility.
You are eligible to retire on a Service Pension on or after January 1, 1972,if you meet the following requirements:
1 . For pensions awarded on or after January 1, 1985, you are at least 58 years old; AND
2. You have earned at least 25 years of Pension Credit (Past and Future); AND 3. You were NOT awarded an Early Retirement Pension prior to January 1, 1972.
REGULAR PENSION
Eligibility.
You are eligible for a Regular Pension if you meet all of the requirements of one of the following subsections (a), (b), or (c):
(a)--1. You are at least age 60; AND
-----2. You have earned at least 10 years of Pension Credit
(Past and Future); AND
(b)--You have attained Normal Retirement Age as defined in Article I, Section 22.
(c)--1. Your employment is not covered by a Collective Bargaining Agreement; AND
-----3. You have earned at least 5 years of Vesting Service,
including at least one Hour of Service after December 31, 1988.
-----3. You have earned at least one Benefit Unit.
-----2. You are at least age 60; AND