Know Your Rights Before You Leave the Payroll

First you ought to insure that you are SERVICE PENSION ELIGIBLE. You must have an understanding of the consequences of retiring before you are SERVICE PENSION ELIGIBLE.

Eligibility to retire with a service pension (including eligibility for retirement benefits such as MEDICAL, dental, and life insurance) depends on the employee's age and the number of years net credited service, below.

(You are not service pension eligible just because your number equals 75 or greater. For example, if you are 49 years old with 26 years of service, or if you are 53 years old with 23 years of service you are NOT service pension eligible.)

If you retire before you are SERVICE PENSION ELIGIBLE you are FORFEITING your medical, dental, and life insurance benefits. Also if you retire before age 55 and have less than 30 years of NCSD, the pension benefit will be reduced permanently by a 1/2 a percent a month (or six percent a year) for each full year or partial year that you elect payments before you reach age 55.

In addition, while every Member's finances are their own, the UNION urges our Members to review the pension rules as it applies to them individually, and to seek advice from a financial investment expert. If any Member has a question related to SERVICE PENSION ELIGIBILITY, and/or the EIPP, they should call the Local at 212-633-2666.