The Pension Plan pays benefits when you retire early, at age 65, or after age 65, as follows:
- Normal Retirement (at age 65): Your benefit equals the total pension credits accrued on your retirement date.
- Early Retirement (age 55 to 64): If you retire any time after age 55 but before age 65, your benefit is lower because it is likely that you will receive benefits for a longer period of time.
- Post-normal Retirement (after age 65): If you retire after age 65, your pension credits continue to accrue, increasing each year until age 70, resulting in an increased benefit.
The Pension Plan also pays benefits in other circumstances:
- Termination with vested benefits: If you are age 55 or older and leave employment after becoming vested, the plan pays a reduced pension benefit.
- Survivor’s pension: If you die after becoming vested but before retirement, the plan pays a benefit, based on accrued pension credits and your marital status at the time of death:
- Your spouse will receive 75 percent of the adjusted benefit that would have been paid if you had retired on the date of your death, or, 50 percent of the total pension credits accrued on the date of your death
— whichever is greater.
- If you are single, your dependent children, parents, or siblings may be eligible for 50 percent of total pension credits accrued on the date of your death.
- Cashouts: If you are a terminated vested member, and your accumulated pension credits have a value of $5,000 or less, or if your pension benefit payments are less than $50 monthly, the plan pays benefits in a one-time, single sum equivalent to all future benefit payments.
Applying for benefits
Call the Board of Pensions at 800-773-7752 (800-PRESPLAN) to request a retirement packet, which includes the Retirement Pension Application for Members. To apply for pension benefits, you must return a completed, signed application no later than 45 days before your pension benefit begins.