Plan P Improvements
Effective July 1, 2019, the following improvements will be made to the Plan:
- All existing post 65 participants with Plan P credits less than or equal to $13.00 will be raised to the $14.00 going forward. And,
- Participants retiring early (Pre-65) on or after July 1, 2019 that have 40 or more years of credit, will receive the full $58.00 Plan P rate. Listed directly below is a summary of Plan P rate history improvements.
Listed directly below is a summary of Plan P rate history and improvements.
Plan P Rate History
| Prior to 01/01/2013 |
Rate |
| Age 55 - 64 |
$30.00 |
| Age 65 |
$10.00 |
| Between 01/01/2013 and 12/31/2013 |
Rate |
| Age 55 – 59 |
$30.00 |
| Age 60 – 61 |
$40.00 |
| Age 62 – 64 |
$50.00 |
| Age 65 |
$11.00 |
| On or after 01/01/2014 |
Rate |
| Age 55 – 59 |
$31.00 |
| Age 60 – 61 |
$42.00 |
| Age 62 – 64 |
$53.00 |
| Age 65 |
$12.00 |
| On or after 01/01/2015 |
Rate |
| Age 55 – 59 |
$34.00 |
| Age 60 – 61 |
$46.00 |
| Age 62 – 64 |
$58.00 |
| Age 65 |
$13.00 |
| On or after 07/01/2019 |
Rate |
| Age 55 – 59 |
$34.00 |
| Age 60 – 61 |
$46.00 |
| Age 62 – 64 |
$58.00 |
| 40 years of credits, regardless of age |
$58.00 |
| Age 65 |
$14.00 |
