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.
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.)
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.
terminate your 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.
Individual Member Benefit
66.7% Joint Annuity
10-year Guaranteed Benefit
75% Joint Annuity
Level Income Option
100% Joint Annuity
50% Joint Annuity
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 this 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.
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