Retirement Types
There are a number of pension benefit types that have different eligibility requirements and payment amounts. Following are the types of pension benefits for which you may become qualified. Please remember that the actual benefit amount of each type of pension will depend on the pension option you elect (i.e., 10-Year Guarantee, or Joint & Survivor Benefits).
Normal Pension Benefit
ELIGIBILITY:
- You are at least age 65, and
- You have at least (i) 20 pension credits or (ii) 5 Future and/or Future-Future pension credits.
BENEFIT AMOUNT:
- Past Credits (1941-60): $75 per credit (max 20 Past Credits)Future Credits (1961-90): $75 per credit
- Future-Future Credits (1991- ): $100 per credit (max 40 Future-Future Credits)
- Max 50 Pension Credits Total
Early Retirement Pension
ELIGIBILITY:
- You are age 60 to 64, and
- You have at least (i) 20 pension credits or (ii) 5 Future and/or Future-Future pension credits.
BENEFIT AMOUNT:
The amount of an Early Retirement Pension is equal to the Normal Pension, but reduced by 2/9ths of 1% for each month that you retire before age 65.
30-Year Pension
ELIGIBILITY:
- You are age 55 to 59, and
- You have at least 30 Future and/or Future-Future pension credits.
BENEFIT AMOUNT:
The amount of a Thirty-Year Retirement Pension is equal to the Normal Pension, but reduced by 2/9ths of 1% for each month that you retire before age 65.
Disability Pension
ELIGIBILITY:
- You become totally and permanently disability before age 65, and
- You have at least 10 years of pension credit, including at least 1 year in either of the 2 calendar years immediately preceding or in the year in which the disability occurred.
BENEFIT AMOUNT:
The amount of a Disability Pension is equal to the Normal Pension.
Vested Pension
ELIGIBILITY:
- You are “vested” (in general you are vested if you have service after 12/31/1998 and 5 years of vesting credit), and
- You are at least age 65.
BENEFIT AMOUNT:
The amount of a Vested Pension is calculated based on the value of your pension credits at the time you ceased earning pension credits. Contact the Fund Office if you would like to know the value of pension credits in earlier years.
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