| Pension Credits: | | | |
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| Prior Service | You will be credited with one Prior Service Credit for each calendar year between January 1, 1937 and December 31, 1960, in which you have Prior Service Earnings of $2,000 or more. The maximum number of Prior Service Credits which will be used to calculate your benefits is 20. | |
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| Current Service | You will be credited with one Current Service Credit for each calendar year after December 31, 1960 in which you meet the minimum earnings. See Table.
For exceptions to the minimum earnings requirements, click here.
The Pension Plan also has an Alternative Eligibility Program in the event you do not meet the minimum earnings requirement. You are entitled to an Alternative Pension Credit if you meet the minimum days of employment requirement. See Table.
Note: Alternative Pension Credits are not used for all purposes under the Plan. Click here.
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| Vesting Rules: | You will become vested upon satisfaction of at least one of the following rules: | When Payments May Begin | |
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| 10 Year Rule | 10 Pension Credits excluding
Pension Credits under Alternative
Eligibility Program | Age 55, payable as an
Early Retirement Pension
or at age 65 payable as a
Regular Pension | |
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| 10 Pension Credits including Pension Credits under Alternative Eligibility Program | Age 65, payable as a Regular Pension | |
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| NRA Rule | Normal Retirement Age:
Age 65, or the 5th* anniversary of participation (excluding participation prior to a Permanent Break-in-Service), if later.
*10th anniversary if no earnings after 1/1/88. | Age 65 or older, payable as a Vested Pension only if "Active" on or after NRA. "Active" means earning a Current Service Credit. | |
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| 5 Year Rule | 5 Pension Credits without a Permanent Break-in-Service, and satisfaction of the Activity Test. | Age 65 or older, payable as a Limited 5 Year Vested Pension. | |
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| Break-in-Service Rules: | |
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| One-Year Break | A One-Year Break-in-Service occurs in a calendar year if you are not vested and your earnings are less than the minimum earnings to avoid a One-Year Break for that year. The One-Year Break limits are different for Lmited 5-Year Vesting and Notmal Retirement Age (NRA) Vesting. See Table. | |
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| Permanent Break | You have a Permanent Break in Service if you have at least five consecutive One-Year Breaks and the number of consecutive One-Year Breaks equals or exceeds the number of Pension Credits you previously accumulated. You can prevent temporary One-Year Breaks in Service from becoming a Permanent Break in Service by earning a Pension Credit. If you earn more than the amount to avoid a One-Year Break but less than the minimum to earn Pension Credit, the year is not counted as a One-Year Break in Service. However, it also does not interrupt the count of consecutive One-Year Breaks.
See also: Parental Leave/FMLA Exception | |
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