Credited Service

When a participant is eligible to start receiving their pension it is determined by age and years of Retirement Eligibility Service when the employee terminates (see chart below). Credited Service is used to determine the amount of benefit along with the Final Average Salary to the date of plan freeze. When the plan is frozen, Credited Service and Final Average Salary stop accruing; Retirement Eligibility and age will continue to accrue.

Employee Status 

Years of Retirement Eligibility Service 

Earliest Benefit Commencement Age 

Benefit Reduction 

At least age 60 at termination

At least 10 years

60

Benefit is not reduced

Less than age 60 at termination

At least 10 years but less than 15 years.

60

Benefit is reduced 3% per year from age 65
(maximum reduction = 15%)

Any age at termination

At least 15 years

 55

Benefit is reduced 3% per year from age 60
(maximum reduction = 15%) No reduction if you commence your benefit at age 60 or later