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Getting Your Benefits

​​​​The Co-op Retirement Plan is designed to provide you a lifetime monthly income when you reach retirement age; but what is retirement age? What benefit options are available under the Plan? You may contact the Plan at anytime to receive a formal estimate of your benefits.

  • The Normal Retirement Date is the latter of age 65 or the first day of the calendar year in which you experience your fifth anniversary of becoming a participant in the Plan. If your hire date or rehire date is after June of 2019, age 67 is your Normal Retirement Date.

  • Deferred Retirement is any retirement age that is delayed past the Normal Retirement Date.

  • Early Retirement, if you are vested, is any retirement age between 55 and your Normal Retirement Date. (Special early retirement rules apply to those whose age plus Creditable Service equals 85; see below.)

  • The Rule of 85 is a special early retirement rule that allows you to retire immediately at any age, with 100% of your accrued benefit if you meet these qualifications:

    • Your age plus your Creditable Service equals 85 or more.

    • Your last ten years of Creditable Service was earned in the Co-op Retirement Plan.

    • Your last ten years of Creditable Service must be “continuous service” (as defined by the Plan).

  • Disability Retirement can begin at any age if you become totally and permanently disabled while an employee of a Participating Employer. To qualify for disability payments you must meet certain qualifications. See the Disability section of the Summary Plan Description (SPD)​ to see if you qualify.

  • ​If you terminateyour employment before qualifying for early retirement age (usually age 55), your benefit from the Plan depends on your vesting status. See the Terminating Employment section of the SPD to see the explanation of Option A and B.

Click on the highlighted words above to learn about the retirement or termination benefits. 

Optional Forms Of Payment

Subject to certain limitations, you may receive your retirement benefit under any of these eight different payment methods:

Indiv​​​idual Member Benefit​

​​66.7% Join​​t Annuity

10-year Guaranteed Benefit

​75% Join​t ​​​Annuity

Level Income Option

​100% Joint Annuity

50% Joint An​nuity​

​100% Joint Annuity with Pop Up

50% Joint Annuity with Pop Up

​The Joint Annuity options are only available to married participants. If you are a retiree or receive disability benefits from the Plan, the Joint Annuity options also include a 10-year guarantee. The Level Income Option is only available to those who retire before age 62. Please view the description of these payment options in the Summary Plan Description for additional details.

For a simple explainer on the various payment options, you can also view thi​s video​​​.​​

If you previously participated in another retirement plan and had your benefit transferred to this Plan, additional payment methods may be available with respect to a portion of your Plan benefits.

​This page includes only a general description of the above rules. Please consult the Summary Plan Description for more details, contact United Benefits Group with any questions, and be aware that the terms of the official Plan document will prevail in the event of any inconsistencies or misunderstandings.​

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