Early Unreduced Retirement Pension
Early Retirement
Early Retirement
Qualifying for an unreduced pension
Getting a reduced pension
Member FAQ -
Bridge Benefit
Early Retirement
Pensionable Service
60/20 Rule
Alice retires in 2010 at age 60 with 20 years of Pensionable Service and her Highest Average Pensionable Earnings are $48,900. Alice's pension will not be reduced for early retirement because she has met the requirements for the 60/20 Rule.
60/20 Rule Example
| Alice's pension payable from age 65: | ||||||
1.3% |
x |
$44,840 |
x |
20 years of Pensionable Service (PS) |
= |
$11,658.40 |
| plus | ||||||
2.0% |
x |
$4,060* |
x |
20 years of PS |
= |
$1,624.00 |
| Annual Lifetime pension from age 65 | = |
$13,282.40 |
||||
| plus Bridge Benefit paid to age 65: | ||||||
0.7% |
x |
$44,840 |
x |
20 years of PS |
= |
$6,277.60 |
| Annual pension up to age 65 | = |
$19,560.00 |
||||
* The AYMPE for 2010 is $44,840.
$48,900 - $44,840 = $4,060
December 2009
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