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How early / late can I collect my pension?

When you can begin your pension (how early and how late)

The Equity-League Benefit Funds Pension Plan’s normal retirement age is 65. However, you can begin taking your regular or service pension as early as age 60, or as late as age 70½. If you take your pension before age 65, your monthly benefit amount is reduced from what it would have been if you had waited until age 65. Similarly, for each month after age 65 that you wait to begin your pension, your monthly benefit is increased.

If I take my pension early, how is my benefit reduced?

If you begin taking your pension before the normal retirement age of 65, your benefit is reduced for each month that you are younger than 65. Specifically, the amount is reduced by .5% for each month – or 6% for each year – that you begin your pension before age 65. The reductions are based on your age at the end of the month immediately before your pension start date.

What if I take my pension late?

If you begin taking your pension after the normal retirement age of 65, your benefit is increased for each month that you wait past your 65th birthday. The increase is 1% per month for the first 60 months that you delay your pension after turning 65, if you were eligible for a pension at that time. After the 60th month after your 65th birthday, your benefit is increased by 1.5% per month.

Why do I have to take my pension no later than age 70½?

Federal law requires that you begin taking your pension no later than six months after your 70th birthday – even if you are still working. The required minimum distribution you must take by this age is determined by the IRS, based upon your accrued pension benefit and life expectancy. For additional information, visit www.irs.gov.

What other factors affect my pension amount?

In addition to when you begin taking your pension, your pension amount is also affected by the payment option you choose. Also, if you continue working in covered employment after you begin taking your pension, your pension amount may increase.

Questions?
For complete details about how you qualify for Equity-League Benefit Funds pension benefits, refer to the Equity-League Benefit Funds Pension Plan and 401(k) Plan Summary Plan Description. If you have additional questions or need assistance, contact the Equity-League Benefit Funds Retirement Services Department at (212) 869-9380 (New York City) or (800) 344-5220.