Pension

Summary Plan Description Table of Contents

  1. Introduction
  2. Funding Improvement Plan
  3. Pension Plan Highlights
  4. Beginning Work
  5. Leaving Work
  6. Getting Married or Divorced
  7. Preparing for Retirement
  8. Receiving a Pension
  9. Choosing a Payment Option
  10. Returning to Work
  11. In the Event of Death
  12. Administrative Information
  13. Definitions
  14. Table 1: Early Retirement Pension Reduction Factors for Benefits Accrued on or Before May 31, 2018
  15. Table 1A: Early Retirement Pension Reduction Factors for Benefits Accrued on or After June 1, 2018
  16. Table 2: Deferred Pension Early Retirement Reduction Factors
  17. Table 3: Actuarial Equivalent Reduction Factors for Pension Before Suspension of Benefits

Table 2: Deferred Pension Early Retirement Reduction Factors

Percentage of Accrued Benefit Payable upon Early Retirement
(For Deferred Pension Early Retirements)

The factors in the table below apply to participants who initially retire between January 1, 1981 and July 1, 1985 with at least five years of Vesting Service.

Age Months
0 1 2 3 4 5 6 7 8 9 10 11
64 0.940 0.945 0.950 0.955 0.960 0.965 0.970 0.975 0.980 0.985 0.990 0.995
63 0.880 0.885 0.890 0.895 0.900 0.905 0.910 0.915 0.920 0.925 0.930 0.935
62 0.820 0.825 0.830 0.835 0.840 0.845 0.850 0.855 0.860 0.865 0.870 0.875
61 0.760 0.765 0.770 0.775 0.780 0.785 0.790 0.795 0.800 0.805 0.810 0.815
60 0.700 0.705 0.710 0.715 0.720 0.725 0.730 0.735 0.740 0.745 0.750 0.755
59 0.640 0.645 0.650 0.655 0.660 0.665 0.670 0.675 0.680 0.685 0.690 0.695
58 0.580 0.585 0.590 0.595 0.600 0.605 0.610 0.615 0.620 0.625 0.630 0.635
57 0.520 0.525 0.530 0.535 0.540 0.545 0.550 0.555 0.560 0.565 0.570 0.575
56 0.460 0.465 0.470 0.475 0.480 0.485 0.490 0.495 0.500 0.505 0.510 0.515
55 0.400 0.405 0.410 0.415 0.420 0.425 0.430 0.435 0.440 0.445 0.450 0.455

NOTE: Reduction is 6% per year from age 65 to age 55.