|
|
|
Applies to Retirees Between the Ages of 60 and 65
If you are a retiree under age 65, you are subject to the Plan's Suspension of Benefits that limit the number of hours you can work in a calendar month. However, an important change was made to enable retirees between the ages of 60 to 65 to work more hours per month before their pension benefits are suspended.
Beginning January 1, 2003, retirees between the ages of 60 and 65 will only have a suspension of benefits if they work 85 or more hours of suspendible employment in a calendar month. Formerly the limit was 50 or more hours in a calendar month. The change does not affect retirees under age 60. They will continue to have a suspension of benefits if they work 50 or more hours of suspendible employment in a calendar month. And retirees age 65 and over can work as much as they want in any type of employment without losing retirement benefits.
Please note that if you turn age 60 by December 31, 2002, this change applies to your work on or after January 1, 2003. If you turn age 60 during 2003 or later, the new rule applies to you starting with the first month beginning after your 60th birthday (if your 60th birthday is the first of the month, the new rule applies to your work starting with the month you turn 60).
Although the hours limit is now higher for those ages 60 to 65, the rules about what is considered to be suspendible employment did not change. This means that requirements regarding work in the same trade or craft, industry and geographic location remain as before. Click here to see how to determine if your employment is suspendible under the Plan’s Suspension of Benefits Rules.
If you have questions, please contact your Area Administrative Office.
|
|
