Maine Employee Benefit Plan Document Checklist
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How to fill out Employee Benefit Plan Document Checklist?
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FAQ
You qualify to receive a benefit upon reaching your normal retirement age of 60, 62 or 65, whether or not you are in service, provided that you have earned creditable service of 5 or 10 years, whichever amount is applicable to you.
Currently, the full benefit age is 66 years and 2 months for people born in 1955, and it will gradually rise to 67 for those born in 1960 or later. Early retirement benefits will continue to be available at age 62, but they will be reduced more.
All employees, except certain appointed officials, are required to join the Maine Public Employees Retirement System (MainePERS)....Your normal retirement age is 62 if:before July 1, 1993, you had:less than 10 years of service credit and.reached age 60 with at least a year of service credit.
Call or e-mail our Retirement Services department to find out your vested status and the normal retirement age for your plan. Is MainePERS a 401(k) plan? A. No, it is a federally qualified defined benefit plan under IRS Code Section 401(a).
The summary plan description is an important document that tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan and how to file a claim for benefits.
With a graded vesting schedule, your company's contributions must vest at least 20% after two years, 40% after three years, 60% after four years, 80% after five years and 100% after six years. If enrollment is automatic and employer contributions are required, they must vest within two years.
Call or e-mail our Retirement Services department to request an Account Summary showing how much money you have contributed, how much service credit you have earned and other information about your retirement account. We will ask for your name, current address and Social Security number.
Full retirement age is the age when you can start receiving your full retirement benefit amount. The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960, until it reaches 67.
You may retire at what is your "normal retirement age." Your normal retirement age is 60 if, before July 1, 1993, you had: at least 10 years of service credit or, reached age 60 and had at least a year of service credit immediately prior to reaching age 60.
The traditional age of retirement is 65, but it's possible to retire at age 60 with planning. Obstacles to early retirement include lack of access to Social Security benefits and Medicare. However, on the plus side 60-year-olds can withdraw from retirement accounts without penalty.
