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Plan Provisions - Retirement Dates
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Normal Retirement Date
Your Normal Retirement Date is the earliest date when unreduced
retirement benefits may be paid to you. Your Normal Retirement Date is the
earlier of the date when you reach age 55 and complete 20 years of Credited
Service or the date when you reach age 62 and complete 3 years of
Credited Service as a regular employee.
Early Retirement Date
Your Early Retirement Date is the first day of any month following
completion of 20 years of Credited Service. You may retire at any time
following this date with reduced benefits as described later.
DROP Election Date
If you participate in the Deferred Retirement Option Plan (DROP),
your DROP Election Date is the date when you elect to enter the DROP.
DROP Termination Date
If you elect to enter the DROP, your DROP Termination Date is the
date when you cease to be an employee of the City and begin receiving your
calculated retirement benefit.
Delayed Retirement Date
You may continue to work past your Normal Retirement Date. If you
do so, the date you actually stop working will be your Delayed Retirement Date.
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