Plan Highlights for Retirees and Survivors
When you retired, you were eligible to receive a fixed benefit from the Retirement Plan based on your years and months of credited service and your pay, as long as you were vested at the time you stopped working. You also had the opportunity to elect a pension payment option that would provide continued payments to your spouse or another named beneficiary after your death.
If you earned a Final Pay Pension Benefit, and you left the Company before age 55 with at least five years of credited service under the Retirement Plan (or at least ten years of service before 1989), you were vested and entitled to begin receiving a monthly pension from the Retirement Plan when you reached age 55. Employees who were employed when they reached age 55 became eligible to retire on the first of the month after their birthday, or any subsequent month. If you earned a Cash Balance Pension Benefit and you left the Company before age 55 with at least three years of credited service under the Retirement Plan, you were vested and entitled to receive your Cash Balance Benefit at that time, either as a lump sum or as an actuarially equivalent monthly paid pension.
Any plan participant has the right to defer the start of pension benefits, but you must begin your pension no later than April 1 of the calendar year following the year in which you turn age 70-1/2, unless you're still actively at work. Once payment of pension benefits begins, your election to receive pension benefits becomes irrevocable and your monthly payments will only stop in the event of your death.
You are not eligible to earn Retirement Plan benefits for any period of employment as a contract or agency worker, or a hiring hall, outage, Temporary Additional or Probationary Intermittent employee.