To Receive an Age-and-Service Pension, You Must Meet the Following Requirements as of Your Last Day of Covered Employment:
- Be at least age 55
- Have at least 25 Pension Credits (with this Plan)
- Be Vested
- Be credited with at least 1,000 hours of service in Covered Employment in the Calendar Year immediately before the year of your Pension Effective Date
|The monthly amount of an Age and Service Pension is a “flat” dollar amount, depending on your last day of Covered Employment:|
|If Your Last Day of Covered Employment Was Between:||Your Age and Service Pension Will Be:|
|7/1/2001 and 6/30/2003||$750.00|
|7/1/2003 and 6/30/2004||$800.00|
|7/1/2004 and 6/30/2005||$850.00|
|On or after 7/1/2005||$875.00|
The amount of the Age and Service Pension is based on 25 Pension Credits. If you have more than 25 Pension Credits, they are not taken into account to figure your Pension amount.
Note that the rates for an Age and Service Pension are different than Regular Pension rates for dates after 6/30/2003.
If you qualify for both the Early Retirement Pension and the Age and Service Pension, you are entitled to whichever pension benefit is higher. To be eligible for this choice, you must have been in Covered Employment on or after July 1, 2001 and not retired prior to that date.