Eligibility
Once you have met a retirement provision, you are eligible to receive either a reduced or an unreduced monthly pension benefit from the Plan, unless your benefit is considered a small benefit under The Pension Benefits Act of Manitoba.
Until December 31, 2019, you are eligible to retire when you:
- Reach Rule of 80 (your age plus employment service totals 80); no reductions will apply
- Are age 55; reductions may apply
- Are age 60; no reductions will apply.
New Retirement Provisions Effective January 1, 2020
If You Began Employment Before January 1, 2020
If you reach Rule of 80 before January 1, 2020 you are eligible to retire with an unreduced pension at any time after your Rule of 80 date.
If you did not reach Rule of 80 before January 1, 2020, you are eligible to retire when you:
- Reach Rule of 80; an actuarial reduction will apply if you are under age 55 when you retire
- Are age 55; reductions may apply
- Are age 60; no reductions will apply.
If You Began Employment After December 31, 2019
If you began employment after December 31, 2019, you are eligible to retire when you:
- Are age 55; reductions may apply
- Reach Rule of 80 and are at least age 55 (Rule of 80 + 55); no reductions will apply
- Are age 60; no reductions will apply.
Early Retirement Reduction
An early retirement reduction will be applied to your pension if, when you retire:
- You are under age 60 and
- You have not reached Rule of 80.
Actuarially Reduced Pension
Effective January 1, 2020
If you began employment before January 1, 2020 and did not meet Rule of 80 by December 31, 2019, you are still eligible to retire at any age when you reach Rule of 80 (actuarial reduction may apply):
- If you retire with Rule of 80 before age 55, your pension will be actuarially reduced.
- If you retire with Rule of 80 at age 55 or older, your pension will be unreduced.
The closer you are to age 55 when you retire, the smaller the actuarial reduction will be.
The actuarial reduction applies only if you begin employment before January 1, 2020 and:
- Reach Rule of 80 on or after January 1, 2020 and
- Reach Rule of 80 before age 55, and
- Retire before age 55