Eligibility for Pension
You are eligible for a pension when you are 55 years of age or older and have:
- five years of pensionable service after August 31, 1992, or
- five years of pensionable service that includes a period of pensionable service in each of the 1991-92 and 1992-93 school years, or
- ten years of pensionable service.
Start of Pension
Pensions are payable from the later of the first of the month following:
- your 55th birthday, or
- the termination of your last teaching contract, or
- the last accrual of pensionable service with ATRF, or
- the last substitute service purchased.
If you have sufficient pensionable service to be eligible for a pension, you can receive an unreduced pension, provided that;
- the sum of your age and pensionable service is at least 85 (often referred to as the age-plus-service index of 85), or
- you are age 65 (normal retirement).
If you have sufficient pensionable service to be eligible for a pension, and you retire before you are eligible for an unreduced pension (as outlined above), your pension will be reduced the lesser of the following two calculations:
- 2% for each year or portion of a year that your age-plus-service index is less than 85, or
- 2% for each year or portion of a year that your age is less than age 65.
The maximum reduction is 20%.
Examples of Reduced Pensions
- A plan member who is age 55 with 5 years of pensionable service would have an index of 60. There would be a 20% reduction in pension (25 years short of index, and only 10 years short of age 65; therefore, 10 years multiplied by 2% = 20% reduction).
- A plan member who is age 60 with 22.5 years of pensionable service would have an index of 82.5. There would be a 5% reduction in pension (2.5 years short of index, and 5 years short of age 65; therefore, 2.5 years multiplied 2% = 5% reduction).