When to Retire
Deciding when to retire and when to begin receiving your pension benefit are two very important decisions — and they affect how much money you will receive each month.
To learn the pros and cons of each type of retirement you qualify for, make an appointment with a Pension Counselor today. Contact the Pension Department at (646) 473-8666.
Pension Types
Below is a list of your pension types for normal, early and disability retirement, along with the requirements for each.
|
|
Retirement Age |
Years of Service Required |
Full or Reduced Pension? |
Type of Adjustment |
| Normal Retirement |
65 |
5 Years |
Full |
None |
| Early Retirement (Unreduced) |
62 |
20 Years (must retire from active covered employment) |
Full |
None |
Early
Retirement
(Reduced) |
55 |
5 Years Reduced |
Reduced |
One-half of one percent for each month (6% per year) retired before age 65 |
| Late Retirement |
Any time after age 65 |
5 Years |
Full |
Actuarial Increase (if not working in Disqualifying Employment) |
Disability Pension Benefit
You may be eligible for a Disability Pension if:
- You have earned 5 years of credited or vesting service
- You have qualified for a Social Security Disability Award
- Your disability occurred while you were in covered employment
- You left covered employment due to that condition
Then, when you reach age 65, your Disability Pension will end and you will need to apply for a Normal Retirement Pension.
For a full description of your pension type, check your Summary Plan Description.