Pension > SPD > Early Retirement

   
   

   
   


Contents   Previous  Next

EARLY RETIREMENT

What Are My Early Retirement Options?

There are three early retirement payment options under the Plan. Each is described below:

Early Retirement with 10 Years of Service

Generally, if you have at least 10 years of Past and/or Future Service when you leave bargaining unit employment, you may elect to receive early retirement payments at any time commencing on the first day of any month coinciding with, or following the later of your retirement date or the date you attain age 50. Your early retirement payments are calculated in the same way as the normal retirement payment except there is an actuarial reduction in the amount based on your age when benefits commence. The actuarial reduction is determined based on the following chart:

Percent of Age 65 Retirement Payment Payable
Age Early Age Early
65 100% 57 51.6%
64 96% 56 47.3%
63 92% 55 43.5%
62 88% 54 40.0%
61 74.4% 53 36.9%
60 67.7% 52 34.0%
59 61.7% 51 31.4%
58 56.4% 50 29.1%

Early Retirement After Attaining Age 50 with 20 Years of Service

The following table of early retirement factors apply to those participants, who, at the time of their termination of bargaining unit employment, have attained age 50 and completed at least 20 years of Past and/or Future Service.* These early retirement factors apply to those participants who have one or more Hours of Service in bargaining unit employment on or after January 1, 1998 (different factors previously applied).

*This early retirement option also applies to participants who terminated bargaining unit employment as part of the 2001 Involuntary Separation Program with at least 20 years of Past and/or Future Service, but had not attained age 50 at the time of their termination. Such participants may commence receiving early retirement benefits on or after attainment of age 50.

Percent of Age 65 Retirement Payment Payable
Age Early Age Early
65 100% 57 85%
64 100% 56 80%
63 100% 55 75%
62 100% 54 70%
61 100% 53 65%
60 100% 52 60%
59 95% 51 55%
58 90% 50 50%

Rule of 85

The Rule of 85 became effective January 1, 2000. You are eligible for the Rule of 85 if you meet the requirements of both (a) and (b):

  1. You have one or more Hour of Service in bargaining unit employment on or after December 1, 1999; and
  2. The sum of your age (in years and months) plus the number of your years of Past and Future Service (including partial years) at the time of your termination of bargaining unit employment equals or exceeds 85.

If you meet the eligibility requirements for the Rule of 85, you may retire at any time (provided you satisfy the advance filing requirements described on page 29) and receive your retirement benefits without reduction for early commencement.


Contents   Previous  Next

   

   © 2017 ABC-NABET Retirement Trust Plan. Powered by MultiEmployer.com.