You leave the Company on or after Jan. 1, 2014, and are 100% vested in the Pension Plan but not eligible for retirement.
When Your Pension Benefit May Start
- You may start your pension benefit right after you stop working, but it will be reduced if you are younger than age 65. (It’s reduced because of the longer period of time it’s expected to be paid.)
- You can wait until age 65 to start your benefit. That way your benefit will not be reduced due to early payment.
NOTE: The size of the reduction varies based on your service and age at the time you receive your benefit. If at the time your employment ends you do not have 10 years of service and are not age 55 or older, or you do not have 10 years of service and at least 75 age + service points, then the size of the reduction will also depend on interest rates in effect at the time you receive your benefit.