I am over 65 years of age and plan to work a few more years in Owensboro. Can I begin drawing my Fields retirement and keep on working?
The short answer is “No”. A team member must be retired and/or terminate employment before they receive retirement benefits. Additionally if they want to retire and then be re-employed, those benefits would continue as noted below:
Section 1.2 g – Except as otherwise specifically provided in the Plan, no benefits shall be payable until the Member retires or otherwise terminates employment with all Employers.
Section 4.4 LATE RETIREMENT – A Member may remain in the employ of the Employer after his Normal Retirement Date, in which event no Monthly Retirement Income shall be paid until the Member’s Late Retirement Date. The Member upon his actual retirement on his Late Retirement Date, shall be entitled to receive a Monthly Retirement Income equal to an amount computed under Section 4.3, based upon Credited Service and Average Monthly Earnings to his Late Retirement Date; provided, however, in no event will a Member’s benefit at his Late Retirement Date be less than the benefit to which he would have been entitled at his Normal Retirement Date increased by twelve percent (12%) per annum compounded annually for each month that the Member’s Late Retirement Date follows the Member’s Normal Retirement Date.
Section 4.9 REEMPLOYMENT – If a retired Member returns to the employ of the Employer, payment of the Member’s Monthly Retirement Income shall continue and he shall resume his membership in the Plan in accordance with the provisions of Section 3.1. Upon the Member’s subsequent retirement, the Member’s Monthly Retirement Income shall be recomputed to reflect any increase in his Accrued Benefit based on any additional periods of employment. Any increase in the Accrued Benefit will then be adjusted pursuant to Section 4.4 or Section 4.5 to reflect his actual age at the subsequent retirement date.
Director of Human Resources