Contributing after the Normal Retirement Date
An employee must stop making basic contributions once that employee reaches his/her normal retirement date. However, an employee can continue to make additional voluntary contributions (AVCs) provided he/she:
- continues to be employed by your organization; and
- completes a Late Retirement Election Form at least 30 days prior to his/her normal retirement date (i.e., the first of the month following his/her 60th birthday).
If an employee elects to continue making AVCs, contributions will be deducted until the employee revokes the election or terminates employment, whichever comes first.
To revoke an election, the employee must complete the Revocation of Late Retirement Election Form. The form should be completed at least 60 days before the employee wants to stop making contributions.
Once the employee terminates employment or submits the Revocation of Late Retirement Election Form, the client services agent will send the employee:
The employee should return the Election of Retirement Form at least 30 days prior to his/her last day at work. |
