Pension Plan Frequently Asked Questions

Q: When can I retire?
A: Normal retirement is age 65. Early retirement is age 55.
Disability - Must have Social Security Disability Award and must have worked 500 hours in either 2 consecutive Plan years immediately preceding the Plan year in which he becomes disabled

Q: What is the penalty for retiring early?
A: Your Early Retirement Pension equals your Regular Pension reduced by 0.5% for each month your early retirement date precedes age 65.

Service Pension: Must have at least 30 years of Credited Service.
Under Rehabilitation Plan Alternative I, the Service Pension equals the Regular Pension reduced by 0.5% for each month the retirement precedes age 62.
Under Rehabilitation Plan Alternative II, the Service Pension equals the Regular Pension reduced by 0.5% for each month the retirement precedes age 65.

Q: Can I borrow money on my pension plan?
A: No.

Q: When will I get my first check?
A: Upon the completion of the processing of your application. Usually about two months. If you are working in another jurisdiction and hours are being reciprocated to the plan it may take longer.

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