The normal retirement date of the Plan is age 65. If you retire at age 65, you will receive a monthly pension calculated using the Plan formula.
Employees are permitted to retire early, up to 10 years before their normal retirement date provided that contribution are no longer being remitted on your behalf. If you elect to retire early the pension that you are entitle to will be reduced by the following rules:
- If you were age 50 with 20 or more years of credited service as at November 18, 1992, your immediate pension benefit will be your pension accrued to your date of retirement reduced by ¼% for each month (i.e. 3% per year) your early retirement date precedes your 65th birthday.
- If you have attained age 55 but not age 65 and do not qualify for the early retirement pension described above, and retire with the consent of the Pension Committee, your immediate pension benefit will be your pension accrued to your date of retirement reduced by ½% for each month (i.e. 6% per year) your early retirement date precedes your 65th birthday. The Pension Committee must grant consent on a non-discriminatory basis.
- If you have attained age 55 but not age 65 and do not qualify for the early retirement pension described in either of the points above, your immediate pension benefit will be the actuarial equivalent of the pension benefit that would have been payable to you at age 65.
The lastest you can commence your pension is no later than the 1st day of December in the calendar year in which you turn age 71.