Termination

If you terminate from the Plan before you are eligible to retire, you may still be entitled to benefits based on the credits accrued up to your date of termination.

If you work less than a total of 350 hours in two consecutive calendar years, you become a Former Member. The Administrator will contact you to provide you with information regarding the termination options available to you along with the applicable termination forms. Your options at the time of termination will depend on your age.

• If you are already at least 55 years of age when you become a Former Member, you may:
  • start your monthly pension right away
  • defer starting your monthly pension to a later date (but no later than December 1^st of the year in which you turn 71).
• If you are not yet 55 years of age when you become a Former Member, you may:
  • transfer the lump sum value of your deferred pension to your locked-in retirement account or another pension plan
  • take a “deferred pension” starting at your retirement or early retirement date
    
    If you choose a deferred pension and subsequently rejoin the Plan, future credits will add to the pension already earned. If you choose a lump sum transfer option, and subsequently rejoin the Plan, you will be treated as a new member.

Be sure to notify the Administrator of any address changes so that you may be kept informed.

For more information, please refer to the Portability and Lump Sum Payments section of the Pension Plan Booklet.