RETIRMENTS

Summary

Forms

Booklet

Retirement Dates

You can retire with an unreduced pension at age 63, postpone your retirement past 63, or retire early any time after age 53, but reductions may apply due to starting your pension early.

Eligibility Requirements

To be eligible to retire and receive a pension under the Plan, a Member must meet the following criteria:

be at least 53 years of age,
have attained “Vested Status,”
if early or Special Early retirement, must discontinue employment through Local 18

In addition, Members who have attained age 63 but have not applied for pension benefits may continue to be employed and receive Credited Hours until the end of the calendar year in which they reach age 71, after which no further Credited Hours will be earned under the Plan and at which time you must apply to commence your pension. By law, you must start collecting your pension by December 1, in the year you turn 71.

Retirement Benefit

Your annual pension is determined by multiplying the pension rate by the total number of your Credited Hours at your retirement date.

Pension Options

When you apply for your pension, you will receive a statement and election form that states these options.

Life, guaranteed 15 years (Members without Spouses only)
Level Joint and Survivor, guaranteed 10 years
Joint and Survivor, reducing by 1/3, guaranteed 10 years
Joint and Survivor, reducing by 40%, guaranteed 10 years
Reducing Joint and Last Survivor Integrated with CPP and OAS
Reducing Joint and Last Survivor Integrated with OAS
Lump Sum Option – Only for Small Pensions

More information on each of these options can be found in the “Forms of Pensions Payments” section of the Booklet.

Special Early Retirement

If you are eligible and elect to retire early after age 53, you qualify for Special Early Retirement if you meet the following criteria:

have completed 240 months (20 years) of membership in Local 18, and,
are a Member in good standing with Local 18 at the time of application for pension and on Early Retirement Date, and
Discontinue employment through Local 18.

In meeting the 20-year requirement above, membership in Local 18 does not include any service for which a Member earned a normal pension benefit and elected to withdraw such pension from this Plan (only if withdrawn after January 1, 2000).

More information can be found in the Special Early Retirement section of the Booklet.