How early / late can I collect my pension?

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 72. 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 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.

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.

Federal law requires that you begin taking your pension no later then your 72nd 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.

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.