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DEFERRED RETIREMENT

When Am I Eligible for a Deferred Retirement Payment?

You are eligible for a deferred retirement payment if you have completed at least five (5) years of vesting (see page 15). You may receive the payment on the first day of the month which coincides with or follows your normal retirement date, or the date, if any, you have completed all the requirements for commencement of early retirement payments, as described under the heading "Early Retirement," starting on page 9.

What Is the Amount of the Deferred Retirement Payment?

The amount of a deferred retirement payment, and how it is calculated, depends on whether you receive the payment starting before or at your normal retirement date. If your payment starts before your normal retirement date, there may be a reduction based on your age when payments begin (see page 9). If payment starts at your normal retirement date, there is no adjustment.

Is the Amount of the Deferred Retirement Payment Based on Years of Vesting Service?

No, the amount depends on the total number of service credits you earn during each Plan Year and the pension formula in effect at the time during which you last worked in bargaining unit employment. However, you will not be eligible for any deferred retirement payment unless you have been credited with at least 5 years of Vesting Service.


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