Summary Plan Description

Normal Retirement

To be eligible for normal retirement you must be:

  • Vested in one or more of your subaccounts in this plan;
  • Age 65 or older; and
  • No longer working for a contributing employer.

Your retirement date is the first of any month following your 65th birthday and satisfaction of the eligibility requirements.

Key Point

Under no circumstances can you postpone your retirement past April 1 of the calendar year immediately following the calendar year in which you attain age 70½. This is known as the Internal Revenue Service (IRS) "70½ Rule." If you are still working at that time, Retirement Services will automatically send you an Application For Retirement Benefits and an Explanation of Payment Options and Election of Retirement Benefits form. You will be required to receive a certain minimum annual distribution even if you wish to postpone retirement beyond that age. For additional information about this rule, please see Article 4.5 on pages 69-70.