Contributory Credit & Retirement

[Trucker18]

If you have less than 20 years, are you able to retire and collect your pension before age 65?
I read in documents we have that an 8% reduction is taken for each year you retire before age 65.

 

[Apostolic]

I don't know about any years less than 20 is eligible for a Teamsters pension?
I am open for correction,I've been out of the loop since I retired in 2008.
A lot may have changed by now.

 

[wolf]

Do not take me as an authority. Best of my recollection you can not retire before 57 years of age. The % of reduction for each year before full retirement age is 6% last I knew not 8. As to how much to the monthly figure would be only CS could tell you as how much you accrued each year of credit. I believe if you register with CS you can plug your years and age into a retirement planner and get a quick estimate, at least you could at one time

 

[wolf]

If you have less than 20 years, are you able to retire and collect your pension before age 65?
I read in documents we have that an 8% reduction is taken for each year you retire before age 65.

This may help you from PDF page 4

https://mycentralstatespension.org/media/9799/pl_pen_spd_15plus.pdf


Contribution-Based Pension Early Retirement Reductions Use this chart to determine the amount of the Contribution-Based Pension reduction for retirement before age 65 (with less than 20 years of Credit) or before age 62 (with at least 20 years of Credit). Contribution-Based Pension Early Retirement Factors Examples: Irene has less than 20 years of Credit and her unreduced Contribution-Based Pension is $758.20 at age 65. If she retires at age 61, Irene’s benefit would be $576.23 ($758.20 times 0.76). Rick has at least 20 years of Credit and his unreduced Contribution-Based Pension is $2,345.80 at age 62. If he retires at age 59, Rick’s benefit would be $1,923.56 ($2,345.80 times 0.82). Age 5-19 Years 20+ Years 65+ 1.00 1.00 64 0.94 1.00 63 0.88 1.00 62 0.82 1.00 61 0.76 0.94 60 0.70 0.88 59 0.64 0.82 58 0.58 0.76 57 0.52 0.70

 

[Trucker18]

This may help you from PDF page 4

https://mycentralstatespension.org/media/9799/pl_pen_spd_15plus.pdf


Contribution-Based Pension Early Retirement Reductions Use this chart to determine the amount of the Contribution-Based Pension reduction for retirement before age 65 (with less than 20 years of Credit) or before age 62 (with at least 20 years of Credit). Contribution-Based Pension Early Retirement Factors Examples: Irene has less than 20 years of Credit and her unreduced Contribution-Based Pension is $758.20 at age 65. If she retires at age 61, Irene’s benefit would be $576.23 ($758.20 times 0.76). Rick has at least 20 years of Credit and his unreduced Contribution-Based Pension is $2,345.80 at age 62. If he retires at age 59, Rick’s benefit would be $1,923.56 ($2,345.80 times 0.82). Age 5-19 Years 20+ Years 65+ 1.00 1.00 64 0.94 1.00 63 0.88 1.00 62 0.82 1.00 61 0.76 0.94 60 0.70 0.88 59 0.64 0.82 58 0.58 0.76 57 0.52 0.70

Thank you for the link. Good information to look over. Much appreciated.

 

[papajohn]

Do not take me as an authority. Best of my recollection you can not retire before 57 years of age. The % of reduction for each year before full retirement age is 6% last I knew not 8. As to how much to the monthly figure would be only CS could tell you as how much you accrued each year of credit. I believe if you register with CS you can plug your years and age into a retirement planner and get a quick estimate, at least you could at one time

Good Information!!!