What is my Normal Retirement Date?
The first day of the month immediately following your 65th birthday.

What is the earliest date I can retire and commence receiving a retirement
benefit?
The first day of the month following your 55th birthday provided you have a vested pension.

What is the latest date I can retire and commence receiving my retirement
benefit?
On the 1st of December in the year you turn age 71.

If I am a Union Member and I am in good standing with Local Union 488 on the date I retire and have at least 15 years of credited service, how will my retirement benefit be calculated?
If you are:
A. between age 60 and 65 – you will receive the retirement benefit you have accrued.
B. between age 55 and age 60 – your retirement benefit will be reduced by 1/2 % for each complete month between your retirement date and age 60.

If I am an Associate Member and I am in good standing with Local Union 488 on the date I retire and have at least 15 years of credited service, how will my retirement benefit be calculated?
If you are:
A. between age 60 and 65 – you will receive the retirement benefit that you have accrued.
B. between age 55 and age 60 – your retirement benefit will be reduced by 1/2 % for each
complete month between your retirement date and age 60.

If I am a Union Member or an Associate Member in good standing with Local Union 488 with less than 15 years of credited service on the date I retire, how will my retirement benefit be calculated?
Your retirement benefit will be reduced for each complete month between the date your retirement benefit commences and age 65. The reduction is:
1/2 % for each month prior to age 60.
PLUS
1/4 % for each month between age 60 and 65

For more information, click here to open the Retirement Benefit section of the booklet.