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.
When to Start the Pension Benefit Election Process
If you are eligible for a Pension Plan benefit from Rockwell Automation, you should begin the process by requesting a Pension Benefit Commencement Kit 60 to 90 days before you want your pension benefit to begin. If you are not within that 60- to 90-day period, you can receive an estimate of your pension benefit, but you cannot initiate the process.
Calculate Your Pension Plan Benefit
Rockwell Automation pays the full cost of your Pension Plan benefit. The amount of your benefit is calculated using a formula that takes into account:
- Your age at retirement (and your spouse’s age, if married)
- Your years of service with Rockwell Automation (called your credited service)
- Your salary history over the last 10 years while working at Rockwell Automation
- The payment option you elect
Consider These Things Before You Retire
Before you retire, you need to be aware of a few things as it relates to your pension benefit:
- When you can retire and receive a benefit
- What your payment options are
Note: If you’re considering the Lump Sum Cash Payment option, check out this new FAQ.
- How your benefit payment date can affect your amount
Before making an election, you should carefully consider your benefit commencement date, early reduction factors that may apply and your distribution choice, as these may affect payment options and benefit amounts. Estimates of benefit amounts as of specific dates may be viewed on Your Benefits™ or obtained by contacting the RASC.
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.