Results for Pension
When You Can Retire and Receive a Pension Plan Benefit
The normal retirement age is 65. You also can retire before or after age 65. If you retire on or after age 65, your pension payments must start right away. If you retire before age 65, you may be able to choose when you want to start your pension benefit—either right after you retire or at a later date.
Retirement Age Information
Before Age 65 (Early Retirement)
You stop working at Rockwell Automation before age 65.
When Your Pension Benefit May Start
- You may start your early retirement 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.)
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.
Basically, this is all the years you’ve worked at Rockwell Automation.
It is used to calculate the amount of your pension benefit and to determine age + service points and your eligibility for early retirement.
In general, you earn credited service while you are actively employed as a salaried or hourly employee at a location covered by the Plan, from your first month of employment through the month in which your termination date occurs. Each calendar month counts as one twelfth of a year of credited service. A year of credited service is 365 days of credited service.
Pension Age and Service Points
These are used to determine if you’re eligible for a reduced early retirement benefit from the Pension Plan. One “point” is given for each year of your age and each year you’ve worked at Rockwell Automation. (You receive one twelfth of a point for each full month of your age and each month in which you work at least one day at Rockwell Automation.)
For example, if you’re 52 years old and you’ve worked at Rockwell Automation for 24 years, you have 76 points (52 + 24 = 76). This means you’re eligible for a reduced early retirement benefit.