When Can I Retire?

You can retire as early as age 55, however your pension might be reduced depending on your amount of pensionable service and your age. Every vested MEPP member is eligible to receive an unreduced pension on or after their 60th birthday.

How Soon Can I Retire?

A simple calculation determines your earliest eligible retirement date:

If the sum of these two parts is equal to (at least) 80, you could be entitled to an unreduced MEPP pension as early as your 55th birthday. This is known as the 80 Factor ("80 Points").

The 80 Factor takes into account any combined pensionable service (CPS).

80 Factor (80 Points)

Your 80 factor is calculated by adding together your age at retirement and your years of pensionable service. If the sum equals at least 80 points, you are entitled to an unreduced MEPP pension as early as your 55th birthday. This takes into account any of your combined pensionable service (CPS).

When Must I Start My Pension

You must start your pension no later than December 31 of the year you turn 71. You do not have to stop working for your MEPP employer in order to start your pension.

There are many factors to consider when determining your retirement date. We recommend exploring your options by utilizing the pension estimator tools.

Early Retirement Reduction

If you retire early—before age 60 and before reaching your 80 factor—your monthly pension amount will be reduced.

The early retirement reduction amount is 3% per year multiplied by the lower number of:

  • the number of years it would take you to reach age 60, or
  • the number of years until you reach 80 points.

Please note: Your pension is not reduced for early retirement on service before 1992.

Here is an example of how an early retirement reduction is calculated: