Retirement Benefits and Qualifications
“Retirement” or “retire” means that you have stopped all work with contributing Plan Employers with no intention to return to work, you have stopped all Disqualifying Employment and you have filed an application for benefits with the Fund Office. No benefits are payable for any months before you file your application, unless required by the Internal Revenue Code.
Effective on or after January 1, 2023, Participants who have attained age 59 ½ are eligible to retire without a bona fide cessation of work, subject to the suspension of benefit rules.
Normal Retirement Pension with full Accrued Monthly Pension amount
- Age Requirement = 65
- Years of Credited Service = 5 years
Early Retirement Pension with full Accrued Monthly Pension amount and no Supplemental Payment
- Age Requirement = 62
- Years of Credited Service = 10 years
Early Retirement Pension on or after 55 with full Accrued Monthly Pension amount and Supplemental Payment*
- Age Requirement = 55 to 62
- Years of Credited Service = 30 years
Early Retirement Pension before age 55** with full Accrued Monthly Pension amount and Supplemental Payment*
- Age and Credited Service Requirement:
- 54 with 31 years
- 53 with 32 years
- 52 with 33 years
(must meet age/service combo before 1/1/33)
Early Retirement Pension with reduced Accrued Monthly Pension amount (3% per year) and Supplemental Payment*
- Age and Credited Service Requirement:
- 55 to 62 with 10 years
- 54 with 31 years
- 53 with 32 years
- 52 with 33 years
Disability Retirement Pension ***
- For onset dates on or after 1/1/2023:
- Accrued Monthly Pension amount if Participant has 20 or more years of Credited Service, or
- Early Retirement Pension amount if Participant has
less than 20 years of Credited Service
Age Requirement = No age limitation
Credited Service = 10 Years and Credited Service granted in each of the 10 Plan Years preceding the Plan Year of the onset of disability.
All benefits provided by the Plan are separate from and in addition to benefits that you or your family receive from Social Security.
(However, a Supplemental Early Retirement Pension ends whenever you receive Social Security Disability Benefits.)
* The Supplemental Payment for eligible Grandfathered PHL Participants and Grandfathered PHL Staff Participants will be based on your Accrued Monthly Pension as of a certain date, depending on how much service you have at retirement and also depending on whether your service was in consecutive years prior to termination. See the “Temporary Supplemental Early Retirement Payment” description below for further details.
** Provision is applicable only if you are a Grandfathered PHL Participant who is eligible to retire prior to age 55 prior to January 1, 2033.
*** To receive a Disability Pension, you must be an Active Participant at the date of the onset of your disability and for the Plan Year preceding the date on which the onset of your disability occurred. You must have ten years of Credited Service and must have earned Credited Service in each of the 10 Plan Years preceding the Plan Year in which the onset of your disability occurred. In addition, you must be judged totally and permanently disabled, unable to work in any occupation. Effective for onset dates on or after May 1, 2019, you must receive a Social Security Disability Award.