Your Retirement

The normal retirement date is the first of the month on or after your 60th birthday. However, you can retire earlier. You can retire on the first of any month on or after your 50th birthday. It is also possible to retire after your normal retirement date.

If you want to retire early
You should notify Saxon Administration, the Plan’s client services agent, and your employer as soon as you choose a retirement date. You will be sent an Early Retirement Election Form. This form should be completed and returned to Saxon Administration at least 90 days before your planned retirement date. Once your Early Retirement Election Form has been processed, you will be contacted by Saxon Administration.

If you want to retire on your normal retirement date
You need to notify Saxon Administration, the Plan’s client services agent, and your employer that you intend to retire on your normal retirement date (i.e., the first of the month on or after your 60th birthday).You will be sent a notification letter from your employer and an Election on Retirement Form. These forms should be completed and returned to Saxon Administration at least 30 days before your normal retirement date.

The Election on Retirement Form is the form you use to select your benefit option. See Your benefit options for more details

Keep in mind that if you return to work after your early retirement date but before age 60, you must resume contributions to the Pension Plan.

If you want to postpone your retirement
You should notify Saxon Administration, the Plan’s client services agent, and your employer as soon as you know that you plan to work past your normal retirement date. You will be sent a Late Retirement Election Form. This form must be returned to Saxon Administration at least 30 days before your normal retirement date.

Keep in mind that if you return to work after your normal retirement date, you will not be required (or allowed) to make basic contributions. However, you will be able to make additional voluntary contributions (AVCs).