Planning Your Retirement?
When to retire is a big decision—and UA Local 67 Benefits is here to support you every step of the way. Whether you’re thinking about early retirement, planning to work until 62, or considering staying in the trade longer, this page will help you understand your options and what you need to do next.
Retirement Ages
- Normal Retirement Age for unreduced pension: First of the month following the month in which you turn age 62.
- Early Retirement Age for reduced pension: From first of month following the month in which you turn age 52, to prior to age 62. Pension reduced by 0.5% per month (6% per year) before age 62, unless the cash value would provide a lesser reduction.
- Latest Age you must draw your pension: December 1 in the year that you turn age 71 (even if you are still working). Your pension continues to grow while working for a contributing employer, up to this date.
Pension Plan Payment Options
Upon retirement, you will choose between the following pension payment options.
Note that you cannot change your pension option, including your named spouse, once you start receiving your pension. After you start receiving your pension, a new spouse is not eligible to receive pension benefits.
If You Have a Spouse
- Joint & Survivor 66.67% – Benefits are paid for your lifetime. After your death, benefits continue to your spouse at two thirds (66.67%) of your pension amount. If your spouse dies, 66.67% of your pension amount will be paid, split between your dependent children.
- Joint & Survivor 100% – Benefits are paid for your lifetime. After your death, benefits continue to your spouse at 100% of your pension amount. If your spouse dies, 66.67% of your pension amount will be paid, split between your dependent children.
If You Don’t Have a Spouse
(or your spouse waives their right to a survivor pension)
- Life Only – Benefits are paid for your lifetime, and stop upon your death
- Life with a 10-Year Guarantee – Benefits are paid for your lifetime. If you die within 10 years of starting your pension, your beneficiary will receive your pension payments for the balance of the 10-year period
Small Pension Option
If your annual pension benefit at normal retirement will be 4% or less of the Year’s Maximum Pensionable Earnings (YMPE) in the year of termination, you may receive your pension as a one-time lump sum.
Terminal Illness Option
If diagnosed with a terminal illness with life expectancy under 2 years, you may be able to receive a lump-sum amount from your pension in lieu of future payments. No further payments would be made from the pension plan to yourself, your spouse/children, or beneficiary. Contact UA Local 67 Benefits for details.
Planning to Retire?
Next Steps:
- Notify the UA Local 67 Benefits Team at least 3 months before the date you plan to retire so your pension can start without delay.
- Sign the “Out of Work” List at your UA Local 67 union office. UA Local 67 Benefits cannot process your pension application if you are still working for a contributing employer.
Need More Information?
Refer to your Pension Plan Booklet or reach out to the UA Local 67 Benefits team for help.