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Anchorage, AK 99503

 

 

The information contained on this website is intended to be a summary only.
In case of a difference, actual Plan Provisions will apply.
Always refer to your Summary Plan Description for details.

   
 Home Pension  Calculating Your Benefit

Calculating Your Benefit - Late Retirement

You may continue working past your normal retirement date.  Your pension payments from the Plan will not begin until you initiate your retirement and your benefit will be calculated using your future service benefits earned up to your actual retirement date. 

In addition, prior to April 1, 2009 the pension benefit you earned as of your normal retirement date will be increased by 1/2 of 1% for each month that your actual retirement date follows your normal retirement date.  The late retirement increase cannot exceed 42% and your benefit payments must commence by April 1 of the calendar year following the year in which the you reach age 70 and 1/2.

If your age when you choose to retire is... The factor applied to your normal retirement benefit earned prior to April 1, 2009 will be... And the factor applied to your normal retirement benefit earned on and after April 1, 2009 will be...
65 142% 100%
64 136% 100%
63 130% 100%
62 124% 100%
61 118% 100%
60 112% 100%
59 106% 100%
58 100% 100%

If you choose to return to work and suspend benefits, your pension payments will be suspended and additional benefits will usually accrue.  When you choose to resume pension payments, your late retirement reduction factor will be adjusted one time.  This adjustment is made only once no matter how many times your benefit payments are suspended.  

For further details, please review the Summary Plan Description.

Pension Projection Calculator

For your convenience we are introducing a new tool that will allow you to estimate your retirement benefits for a projected date of retirement. If you have any questions regarding this retirement projection calculator or would like to request a projection please call our office at 907-276-1246 option #1 : www.aetf.com/calc

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