Partial Retirement

Since July 1, 2014, employees have been offered the option of partial retirement. Under this arrangement, the employee receives an initial pension from the Defined-benefit Account. Later, at a date selected by the employee, he or she may apply for a second pension which comes from the Defined-contribution Account and is added to the first pension.

An employee who has not retired and who joined the pension plan before 2005 is eligible for partial retirement when the following four conditions are met:

1. The employee has been credited with no less than 21,000 hours worked in the pension plan (excluding those that counted toward any benefit already received from the Defined-benefit Account).
2. The employee is eligible to receive a pension from the Defined-benefit Account.
3. The employee has accumulated a pension benefit of no less than $150/month in the Defined-benefit Account before the 12.5% supplement is added.
4. The employee has a Defined-contribution Account with a value greater than $ 0 on the date of partial retirement.

The following terminology is in the text:

• An employee is fully retired when the employee is receiving all of the pension benefits to which he or she is entitled:
  • if the employee participated in both the Defined-benefit and Defined-contribution accounts, full retirement is when the employee is receiving both pensions;
  • if the employee did not participate in the Defined-contribution Account, full retirement is when the employee is receiving the pension from the Defined-benefit Account;
  • if the employee did not participate in the Defined-benefit Account, full retirement is when the employee is receiving the pension from the Defined-contribution Account.
• An employee is partially retired when he or she is receiving a pension from the Defined-benefit Account but has not started receiving a pension from the Defined-contribution Account (and has participated in the Defined-contribution Account).