Did your employer have min retirement age?

[Clone]

You could get full health care at 80 points, or at age 60 with at least 10 years of service. If you went out before age 60, the pension was reduced by 4% per year. Strong incentive to stay until 60. When I punched out at 58, they took the calculate pension and gave me 92% of that amount.


Company still offers a pension today, but the numbers are slightly different. My pension was calculated on the highest straight time salary of the last 5 years, now it is calculate on some type of career average, but that includes overtime and bonuses. They also increased the amount of 401k match to 8 for 6 on the first 6%.

 

[Canoeboy]

Minimum 55 age with 15 years service to “retire early”. That means one could start pension and be eligible to buy early retiree medical plan (at full cost). Company had been phasing out pension over past 10 years. Only longer term and older employees will get what anyone would consider a full pension. Earlier this year the few pension eligible employees stopped accumulating years of service for pension purposes. I retired on that day.

 

[meleana]

I don't have a pension. Hubby's is 65 (based on his date of birth). If you leave before then you get tiddly winks. His pension is tiny anyway- cut off at the knees years ago and can't live on it.

 

[Easy Rider]

We had to be 55 to start collecting pension at a good rate - if before it'd drop about half.

We had a special exception limited time VRIF offered when i was 48 - if you had 75 points (years service plus age) you'd be eligible for full retirements benefits at 55. Since my last 5 years salary was very high, which the pension is based, I grabbed that VRIF. I thanked all the managers that approved my VRIF.

So glad I did - i just found out there was no more offering of that package since i retired at 48 seven years ago. Also provides for a good subsidized medical plan. Also got a nice 6 months severance.

First year collecting pension is awesome. Brings me to 0% SWR now.

 

[pacergal]

We had both age and work requirements: Had to work 5 years to be vested in the pension, minimum 55 years of age for pension payments, 30 years of work for best pension payment(with no age requirement).

For my retiree health benefits, I had to have minimum 30 years work and attain age 60, I was two months shy of 36 years work when I retired.