Effective, July 1, 2021, participants who have forty (40) pension credits and elect to retire prior to the age of sixty-two (62) will no longer have their monthly pension benefit reduced to reflect that they will be receiving their Pension benefit for a longer period of time.
This benefit improvement is designed to dovetail with the recently enacted Plan P provision that permits participants that have met the same criteria to receive the full Plan P credit upon early retirement.
In summary, if a participant with 40 Pension credits decides to retire prior to age 62, they will receive their full monthly pension benefit and Plan P benefit as if they had obtained the age of 62. Meaning; they will not be assessed a reduction in their monthly pension benefit and will be awarded the equivalent Plan P benefit credit.