Good things happen as you continue to participate in the Co-op Retirement Plan! Here are some major milestones you should work toward:
Your Vesting Date – You typically become 100% vested in the Plan five years after your date of hire. Your benefits become more valuable on your vesting date. Prior to your vesting date, you are entitled to only your employee contributions with credited interest. Read Exceptions
Age 55 – You become eligible for subsidized early retirement benefits if you are vested and terminate employment at age 55 or older. “Subsidized” benefits means your distributions starting before age 65 would be subject to a smaller reduction than if you terminated before age 55 or before becoming vested. If your hire date or rehire date is after June of 2019, age 67 is substituted for age 65.
Your Rule of 85 Date – You become eligible for an unreduced pension if your age plus Creditable Service equals or exceeds 85. For some people, this will occur even before their 55th birthday. Read Exceptions
Age 62/65 - Even if you cannot qualify for the Rule of 85, you can receive an unreduced pension if you are vested and retire at or after age 62 or age 65 if you were hired after June 2019. Read Exceptions
In-Service Benefits – You become eligible to receive an “In-Service Pension” when you reach your Normal Retirement Date (Read Exceptions). An in-service pension means that you can begin to draw your retirement benefit without terminating employment while continuing to accrue a benefit from the Plan.
Age 72 - You must begin receiving a Mandatory Distribution from the Plan on April 1 of the year following the year in which you turn 72 if you have not already begun to receive your benefit from the Plan. See the Summary Plan Description (SPD) for further detail.
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