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High Rise Retirement Benefits

WHAT IS MY NORMAL RETIREMENT DATE?

Your normal retirement date is the first day of the month coinciding with or next following your 65th birthday.


MAY I RETIRE EARLIER THAN AGE 65?

You may retire at any time after age 55 on a reduced pension. However, if you retire at or after age 60 and have earned at least twenty years of credited service (1,500 hours at the full rate), and one year of credited service in the 5 years immediately preceding your retirement date or you were in receipt of short or long term disability benefits for at least 4 of the 5 years, your earned pension will not be reduced, subject to the consent of the Board of Trustees. If you retire before age 60 but after age 55 and you have earned at least twenty years of credited service (1,500 hours at the full rate), and one year of credited service in the 5 years immediately preceding your retirement date or you were in receipt of short or long term disability benefits for at least 4 of the 5 years, your earned pension will be reduced as shown in the table below subject to the consent of the Trustees.


TABLE OF EARLY RETIREMENT FACTORS

Assuming that the past and current service credits that you have earned up to your early retirement date would entitle you to a pension of $100.00 per month at age 65, if you retire early at the ages shown below and provided you satisfy the conditions described in the previous section, your pension will be reduced to the amounts shown in the table. If you do not satisfy the conditions described in the previous section, or if the Board of Trustees withhold consent, your pension will be reduced further if you decide to start your pension at any time prior to reaching age 65.


Equivalent to $100 from age 65

Early Retirement Age Monthly Early Retirement Pension
55 $62.00
56 $68.10
57 $74.80
58 $82.30
59 $90.60

If you have less than 20 years of credited current service or have not earned one year of credited service in the 5 years immediately preceding your retirement date (or you were not in receipt of short or long term disability benefits for at least 4 of the 5 years), your pension will be reduced by ½ % for each month that your early retirement date precedes age 65. If you are entitled to a deferred pension on the termination of your Plan membership or if the Trustees withhold consent, your pension will be reduced actuarially if you decide to commence the pension prior to age 65.

Your early retirement pension will commence no earlier than the first day of the month following the date your application is received by the Benefits Office provided your application is approved by the Trustees.


MAY I RETIRE LATER THAN AGE 65?

Yes, but the law requires that you start drawing your pension before the end of the year in which you attain age 71. You will continue to earn additional pension credits after age 65 provided pension contributions continue to be made on your behalf. Alternatively, you may choose to start receiving your pension in which case no further credits will accrue to you.