When to Retire

Deciding when to retire and when to begin receiving your pension benefit are two very important decisions—and affect how much money you will receive each month.

To learn the pros and cons of each type of retirement you qualify for, make an appointment with a Pension Counselor today. Email us at pension@1199Funds.org or contact the Pension Department at (646) 473-8666.

Your retirement options are:

Regular Pension (Full pension)
Retire at age 65 or older with 25 pension credits. You will receive a full, unreduced pension.

Reduced Pension
Retire at age 65 or older with at least 5*, but less than 25 credits. Your final pension amount will be less than the Regular Pension based on the number of pension credits you have earned at retirement.

*10 credits if you left service before January 1, 1997

Early Retirement Pension
Retire between age 55 and 64 with at least 10 pension credits. Your final pension amount will be less than the Regular Pension depending on how many credits you have earned, and then it will be reduced by one-half of one percent for each month (6% per year) retired before age 65.

Vested Pension
If you leave covered employment before reaching retirement age, you may be eligible for a Deferred Pension. You may retire at age 65 or older with at least 5 pension credits (or 10 pension credits if you left covered employment before January 1, 1997.) Your final pension amount will depend on how many credits you have earned.

Please note:

  • A member who reaches 65 and has less than 5 Pension Credits, but has participated in the Plan for at least 5 years, may be vested.
  • A member who began working after age 60 for a Contributing Employer and will reach normal retirement age before completing 5 years in the Plan may be eligible for a pension.
  • The pension will be postponed until the member reaches their fifth anniversary, which starts from the date they began accruing Pension Credits.

Disability Pension
Retire before age 65 with at least 10 pension credits. You must also have a disability award from the Social Security Administration, and you must have worked a total of 1,000 hours or more within the year you became disabled and the previous year.

Email us at pension@1199Funds.org or contact the Pension Department at (646) 473-8666 for more information.