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Summary Plan Description

Early Retirement Pension

You may retire with an Early Retirement Pension if you are a Participant who has retired, reached age 55, and satisfied one of the following service requirements:

  • 15 or more years of Pension Credit, including at least one year of Future Service Credit;
  • 10 or more years of Pension Credit, including at least five years of Future Service Credit; or
  • At least 10 Years of Service

There are six types of Early Retirement Pensions available under the Plan:

  • The Unsubsidized Early Retirement Pension is reduced to the actuarial equivalent of your Normal Retirement Pension. This means it is calculated to take into account that you will be receiving your monthly pension benefit over a longer period of time than if it had started at age 65.
  • The other five types—the Subsidized Early Retirement Pensions—are reduced by less than the actuarial equivalent of your Normal Retirement Pension. The Subsidized Early Retirement Pensions are expected to pay more over your lifetime than an unsubsidized form.

Your actual early retirement benefit could be a combination of subsidized and unsubsidized portions. This is because the work you perform in Covered Employment could fall under the terms of the First Alternative, Second Alternative, or Default provisions specified in the Funding Improvement Plan. If you are eligible for several Early Retirement Pensions, your final amount will be determined based on age and service requirements for the benefit type. In any event, you will receive the best Early Retirement Pension for which you qualify.

Refer to the Details Tab to see the types of Early Retirement benefits available under the Plan and the requirements for each.

Calculating Your Early Retirement Pension

Your Early Retirement Pension depend on several factors, including when you worked in Covered Employment and your retirement date.

Normal Retirement Pension benefits earned before 2014 will be different than those earned during or after 2014. To determine your Early Retirement Pension, first determine the amount of your Normal Retirement Pension benefit earned prior to 2014. Then, determine the amount of your Normal Retirement Pension benefit earned during and after 2014. The combined amount equals your total Normal Retirement Pension benefit.


This page includes only highlights of the Plan’s early retirement pension benefit rules. See the Details Tab for more information.

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