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 details of each type of retirement you qualify for, make an appointment with a Pension Counselor today. Contact us online or contact the Pension Department at (646) 473-8666.

Your retirement types 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 depend on how many credits you have earned at retirement. (10 years if you left service before September 1, 1998.)

Early Retirement Pension
Retire at age 55 to 64 with at least 15 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.

Deferred 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 years of credited service (or 10 years of credited service if you left covered employment before September 1, 1998.) Your final pension amount will depend on how many credits you have earned.

Disability Pension
Retire due to disability at any age with 15 pension credits. You must have a disability award from the Social Security Administration, and your disability must have started while you were working in covered employment. Other rules also apply.

Partial Pension
You may be eligible for a “partial pension” if you are not vested in the Greater New York Plan, but have earned additional credited service through the 1199SEIU Healthcare Employees Pension Plan or a former Local 144 Plan. Contact us online or call the Fund at (646) 473-8666 for more information.

* 10 credits if you left service before September 1, 1998

For a full description of your Pension type, check your Summary Plan Description.

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