Overview of Regulations Relating to
Deferred Pension
(For a more complete
description, including rules applicable to prior periods, consult your Summary Plan
Description booklet)
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.
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