When You Can Retire

While normal retirement under the Plan is age 60, you may—depending on your age and years of service—be able to retire earlier than that, although your pension may be reduced to offset the cost of early retirement.

Under the Plan, you may retire before age 60 with an unreduced pension anytime after:

  • age 55, or
  • 25 years of credited service.

You may retire early with a reduced pension anytime after:

  • age 50, or
  • 20 years of credited service.

If you choose to retire early, you will be subject to an early retirement reduction. Currently, the reduction is 3.6% for each year (prorated for partial years) that your retirement precedes the date you would be eligible to receive an unreduced early retirement pension.

If you work past your retirement date, you will continue to contribute to the Plan, and continue to earn Credited Service, up to the end of the calendar year in which you reach the earlier of age 71 or 40 years of Credited Service.