RETIREMENT DATES
A. Normal Retirement:
. Your normal retirement date will be the end of the month in which you turn age 65.
. You may retire at any time on or after your normal retirement date with the pension credits you have earned up to the date of your retirement without restriction or reduction.
B. Regular Early Retirement
If your membership Terminates Before Age 55:
If your membership in the Plan terminates before age 55, you may elect that your earned pension start at the end of any month at or after age 55 but before your normal retirement date.
The pension will be an actuarially reduced amount equivalent to the normal pension payable at age 65. The reduction is to allow for the pension starting earlier and being payable for a longer period. The reductions currently applied are as follows:
Age At
Retirement Date
65
64
63
62
61
60
59
58
57
56
55
Factor Applied to
Normal Pension
1.000
.9131
.8344
.7632
.6987
.6403
.5873
.5393
.4956
.4560
.4198
If you are entitled to a pension of $500.00 payable at age 65 and you decide to commence receiving the pension at age 62, your early pension will be reduced to:
$500.00. x .7632 = $381.60
Prairie Teamsters Administration Services Ltd.
209, 7260 - 12 St SE Calgary, Alberta T2H 2S5
Telephone 403-252-6924 - Toll Free1-877-817-7526 - Fax 403-253-3231