UFCW - Pension Plan - Retirement Ages and Types


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RETIREMENT AGES AND TYPES

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Normal Retirement

Early Retirement

Disability Retirement

Your pension can begin only when you have reached the required age and have earned the required years of Eligibility Service. The retirement age and type you qualify for will depend on when you leave Covered Employment and on your years of Eligibility Service.

Normal Retirement Age and Normal Retirement

The current Normal Retirement Age is age 60. If you have not met the vesting requirements when you turn age 60, your Normal Retirement Age will be your age when you become vested.

The age 60 Normal Retirement Age does not apply to you if you have not completed at least 400 hours of Covered Employment in 1992 or later or if you received any pension payments prior to March 1994. In this case, your Normal Retirement Age will be 62 or 65, depending on the Plan rules in effect at the time you left Covered Employment.

If you qualify for 5-year vesting, you can retire and begin receiving your pension at age 60. This is referred to as a Normal Retirement.

See the Determining Your Pension Amount page of this Web site for information on calculating your Normal Pension amount.

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Early Retirement

You can retire and begin receiving your pension as early as age 55. You are eligible for an Early Pension when you have met both of the following requirements:

you have reached age 55, and

you have earned 10 or more years of Eligibility Service without a Break-in-Service.

An Early Pension that begins before your Normal Retirement Age is payable in a reduced amount because you will be receiving pension payments for a longer period of time. The reduction is 1/3 of 1% for each month (4% per year) that you retire before your Normal Retirement Age.

See the Determining Your Pension Amount page of this Web site for information on calculating your Early Pension amount.

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Disability Retirement

You can retire and begin receiving your pension at any age if you meet all of the following requirements:

you are permanently disabled; and

you have earned 10 or more years of Eligibility Service without a Break-in-Service; and

your disability occurred within one year of the date you last earned Future Credited Service (two years in the event of some absences); and

you have not received any other pension payments from the Plan; and

you qualify for a Disability Insurance Benefit under the Federal Social Security Act.

You are permanently disabled if you have a proven physical or mental condition that permanently prevents you from performing both your usual duties or the duties of such other position or job for which you are qualified by reason of your training, education or experience. The Board of Trustees determines whether you are permanently disabled based on a medical examination by a doctor or clinic appointed by the Board. Or, the Board may use other evidence satisfactory to them to make the determination.

A Disability Pension is payable after you have been disabled for six full months. It is payable for as long as you remain disabled and receive disability benefits from Social Security.

If you become disabled, it is important that you contact the Pension Department at the Benefits Fund Office immediately. Any delay in applying for a pension could affect the date you are eligible for your Disability Pension to begin.

See the Determining Your Pension Amount page of this Web site for information on calculating your Disability Pension amount.

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