Bridge Benefit

If a member has reached age 55 and they are retiring before age 60 or before reaching Rule of 80, they may be entitled to a bridge benefit to offset the early retirement reduction.*

The bridge benefit is the difference between the 1/4 of 1% (0.25%) early retirement reduction and ⅛ of 1% (0.125%) of the monthly pension amount for each month the basic pension benefit is received before the earlier of age 60 or the Rule of 80 date. The bridge benefit is payable monthly to age 65. If the member dies before age 65, the remaining payments are paid to the member’s beneficiary.

*If you are under age 60 when you retire and you have not yet reached Rule of 80, an early retirement reduction will apply to your pension.

Effective January 1, 2020

Members who retire with an actuarially reduced pension are not eligible for a bridge benefit.

New members who begin employment after December 31, 2019 are not eligible for the bridge benefit.

 


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See how your Pension Plan is changing to help ensure we can continue to honour the defined benefit commitment to all current and future retirees.

© 2017 HEB Manitoba

 

Disclaimer - This website provides a basic overview of the Healthcare Employees' Pension Plan (HEPP) and the Healthcare Employees' Benefits Plan (HEBP) (collectively the HEB Manitoba Pension and Benefit Plans). Not all employers participate in all Plans. Please check your eligibility for benefits with your employer.

HEB Manitoba is a name notation registered by the Healthcare Employees’ Pension Plan – Manitoba and the Healthcare Employees’ Benefits Plan – Manitoba and under which each of their respective undertakings is carried out.

The information on this website is for convenience of reference only and has no official sanction. View our full disclaimer here.