Retirement

There are a number of pension options available to members are retirement, and eligibility depends on combinations of age and service.

Members who retire at age 65 are taking what is called a "Normal Retirement Pension".

Members who retire before age 65 are taking an "Early Retirement Pension". It can be either reduced or unreduced.

An early retirement pension includes a bridge benefit - an additional payment, payable till the member turns 65.

Members qualify for an early unreduced pension, as soon as they meet 1 of 2 criteria:

85 Factor
age + service = 85 or more.

60/20 Rule
at least age 60 with at least 20 years of pensionable service.

If they do not meet the criteria for an unreduced pension, the pension and bridge benefit is reduced by 3% / year (.25% / month) the member is away from the earliest unreduced retirement date.

Pension payments are made to the member's bank account by direct deposit, each month.

The pension is calculated using a formula.

Forms

Pension Application form

Tools

Member's Pension Estimator - This member-focused pension estimator will help members easily estimate their future pensions and model a variety of scenarios

Resources for members

Retirement planning

Pamphlet: Normal retirement

Pamphlet: Early retirement