You may be eligible to retire with a reduced pension (early retirement) or an unreduced pension, depending on your age and years of eligible service.
Retire with a Reduced Pension (Early Retirement)
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A reduced pension is payable as early as age 55, with a minimum of 2 years of eligible service (see definition below).
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Your pension will be reduced by 0.5% per month, for each month prior to you qualifying for an unreduced pension. (i.e., 6% per annum).
For example: If you start your pension 3 years before you would be eligible for an unreduced pension, the early retirement reduction would be 18%.
Retire with an Unreduced Pension
To be eligible to retire with an unreduced pension, you must meet one of the following age and years of service requirements:
If your date of hire is on or after April 6, 2010:
RULE OF 85
| You must be at least 55 years old | + | Your age + years of eligible service = 85 years (ex: age 57 with 28 years of pensionable service = 85) |
If your date of hire is prior to April 6, 2010:
RULE OF 80
| You must be at least 50 years old | + | Your age + years of eligible service = 80 years (ex: age 52 with 28 years of pensionable service = 80) |
If you do not meet either the rule of 85 or 80, you may be eligible to retire with an unreduced pension if you meet the following age and eligible service requirement (regardless of when you were hired):
| Age 60 | With at least 2 years of eligible service |
Your eligible service is equal to the number of years you participated in the Plan, including any purchases of service and reciprocal transfers.
We recommend you verify your age and service requirements for pension eligibility with your employer directly.