A Deferred Pension is provided if you work in
Covered Employment for an extended period of time, but leave Covered
Employment before meeting the requirements for a Regular or Disability
Pension. You are entitled to a Deferred Pension if you have at least five
years of Vesting Service. A Deferred Pension is payable at age 65, or as
early as age 55 if you have earned 10 or more Pension Credits. There are
reduction factors for early payment of Deferred Pensions.
The pension amount is based on the
contribution percentage in effect when you last separated from Covered
Employment. Currently this percentage is 4.50%. You will be considered
separated from Covered Employment on the last day of work followed by a
calendar year in which you work less than 500 hours in Covered Employment.
