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
After Age 65 (Late Retirement)
You continue to work at Rockwell Automation after you reach age 65.
When Your Pension Benefit May Start
Under IRS rules, if you continue to work past age 65, you must start your benefit right after you retire and it will not be reduced.
NOTE: You continue to earn a pension benefit for as long as you work at Rockwell Automation. In other words, the extra time you work past age 65 will be factored into your benefit calculation.
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.