You are eligible for a Deferred Pension if you have five or more years of Vesting Service. If you were not a participant in the Plan as of July 1, 1999 and had a break in service, you must return to (or begin) work in Covered Employment and re-establish the participation requirements in order to qualify for a Deferred Pension with five years of Vesting Service. If you do not meet this requirement, you must have 10 years of Vesting Service without a break in service to be entitled to a Deferred Pension. The Deferred Pension typically is payable at Normal Retirement Age (generally age 65). However, you can choose to begin your Deferred Pension as early as age 55 if you have 10 Pension Credits, of which at least four were earned during the contribution period.

If you completed 10 Pension Credits as shown above before your separation date, you can retire on a Deferred Pension at age 62 without any reduction to your monthly benefit because the benefit begins before age 65 or you can retire on a Deferred Pension as early as age 55 and your pension would be reduced using the same factors as for an Early Retirement Pension. If you have less than 10 Pension Credits, you cannot retire until age 65.

Amount

The amount of the Deferred Pension is the same as the Regular Pension amount.