Effective October 1, 1999, benefit improvements were made to provide a supplementary pension to members who retire from the Plan.
The supplementary benefit is paid to members who:
The supplementary benefit is added to a member’s monthly pension from the effective date of the pension to the first of the month following the member’s 65th birthday.
The amount of the supplementary benefit, up to the month the member turns age 60, is 0.5% of the average of the highest five Year’s Maximum Pensionable Earnings (YMPE) amounts out of the last 11 years multiplied by the member’s credited service. A reduction of 1/8 of 1% (0.125%) is applied for each month that the termination date precedes the earlier of the member’s 60th birthday or Magic 80 date.
From age 60 to age 65, the benefit is half of the original amount (0.25% of the average of the highest five YMPE amounts over the last 11 years).
At the earlier of age 65 or death, the supplementary benefit ceases.
Please visit the Glossary - Pension Terms section for a definition of a YMPE.