End of employment
Learn what happens when you end your employment with a participating Plan employer and break service with the Plan
Breaking Service
If you end your employment with a participating employer, you do not immediately terminate your membership in the Plan. Instead, you will only break service with the Plan at the end of two consecutive calendar years for which no hours were reported to the Plan.
Breaking Service after age 55
If you break the service after reaching age 55, (or age 50, and you either have at least 15 years of credited service, or you were an active member on Jan 1, 1998), you can choose to begin your pension immediately or defer it to the end of the year you turn 71.
Breaking Service before age 55
If you break service before reaching retirement age, you have the choice to either:
- Delay receiving your UFCW pension until you reach retirement age; or
- Transfer the commuted value of your pension out of the plan. If your commuted value is less than the legislated threshold, you may take it as cash; otherwise, you must transfer it to a locked-in retirement plan or use it to purchase an annuity, which will only be accessible once you reach age 55.
Commuted Value
Your commuted value is calculated as the amount of money that, if invested today and held until your retirement, would be expected to provide the same monthly pension you are entitled to receive from the Plan in retirement. It is based on your pension amount, age, current interest rates, and actuarial assumptions. Please note that the Plan administrator will not provide you with an estimate of your commuted value until you have terminated your employment, and your employer has reported your final hours, earnings, and your employment termination date.
Your Choice
The Trustees recommend that, before making your choice of whether or not to transfer the commuted value of your pension from the Plan, you consider obtaining independent legal and financial advice concerning your rights and the effect of your choice from an advisor familiar with all of the personal circumstances that may affect your decision.
request a transfer application package
If you break service before age 55, you can choose to transfer the commuted value of your pension out of the plan. Transfer packages are mailed to members in early January or July (whichever is sooner). If you are under age 55 and would like to request a Transfer Application Package, please provide the following information:
