Types of Pensions
Normal Retirement Pension
Normal Retirement Age is age 65. Once you reach age 65, you are eligible to retire and receive a monthly retirement benefit if you are vested. Your monthly benefit is determined by a formula. A normal retirement pension uses your years of benefit service prior to July 1, 2015 multiplied by your applicable benefit rate(s) plus the years of benefit service after July 1, 2015 you earn during a specific work period multiplied by that work period’s periodic benefit rate. See the latest benefit rates.
Early Retirement Pension
An Early Retirement Pension is available if you stop working in covered employment at any time from age 55 through age 64.
To be eligible, you must have at least 10 years of vesting service and at least 12,000 hours of work reported on your behalf in any 10-consecutive-plan-year period.
If you elect your pension payments to start before age 58, your immediate Early Retirement Pension payments will be reduced by ¼ of 1% for each full calendar month between your 55th and 58th birthday. Some exceptions may apply. See the SPD and Summaries of Material Modifications for details.
Normal Vested Pension
You are eligible for a Normal Vested Pension if you retire at age 65 or older and you are vested. You’ll receive a pension based on the basic formula.
If you leave covered employment before age 55 and you are vested, you’ll receive a pension based on the basic formula. Your payments will begin at age 65, unless you elect an Early Vested Pension.
Early Vested Pension
If you leave covered employment before age 55 and you are vested, you’re eligible for a pension. You may elect to have your pension payments begin any time from age 55 through age 64.
These payments will be calculated using the Normal Retirement Pension benefit formula. However, because you will be receiving benefits for longer, your monthly payment will be reduced by ½ of 1% for each full calendar month between ages 55 and 65. See the SPD and Summaries of Material Modifications for details.
Disability Retirement Pension
If you become totally and permanently disabled before age 65, as determined by the Social Security Administration, and you meet other criteria, you may be eligible to receive a Disability Retirement Pension.
A Disability Retirement Pension is calculated the same as a Normal Retirement Pension. Payments may begin at any age as long as you meet eligibility requirements, including eligibility for Social Security Disability benefits.
Once you are age 65, disability benefits will continue as long as you are retired, regardless of whether you remain disabled. See the SPD and Summaries of Material Modifications for details on eligibility requirements.
What you need to do
Contact Allsup at 800-383-2495 for assistance applying for Social Security disability payments. Their services are generally available at no cost to you if you are eligible.
