Maximizing Your Pension
| Q: | What can I do to maximize my pension? |
A: Many pension plans have special provisions relating to disability. These plans often contain provisions which give you benefit service for years of disability and permit you to retire early as a result of your disability.
A: Many plans grant you benefit service in the event that you become disabled. Therefore, your benefit will continue to accrue despite being unable to work. Check the terms of your plan and SPD to see if you are eligible.
A: Many plans permit you to elect disability retirement benefits if you become disabled and meet certain minimum eligibility requirements (e.g. 10 years of service). These plans typically calculate your pension under a formula which assumes that you retired at the plan's early retirement date or normal retirement date. If you are younger than the early or normal retirement age under the plan, you therefore can receive your pension with little or no reduction for the fact that you are receiving it early.
Please note that these plans may have a different definition of total disability than both your long term disability policy and Social Security. Check the terms of your plan and SPD to see if you are eligible.
