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1. When
can I receive a pension?
Employees may retire as early as age 55 if they have two years of LAPP
membership. If employee is disabled, they may draw a disability pension
earlier than age 55 in some circumstances. If employee's age and service
add up to 85 or more, employee's pension will not be reduced for early
retirement. However, if employee retires before age 65 and his/her age
and service add to less than 85, the pension will be reduced for early
retirement. Visit the LAPP web site and use their on-line Pension Estimator.
www.lapp.ab.ca
2. Can
I work after I receive a pension?
LAPP pensioners are now able to work for any employer without the payment
of their pensions being suspended. Employee must end employment in their
current position. A return to work with your same employer must be to
a different position or under a different arrangement for the termination
to be considered legitimate. Employer is under no obligation to rehire
employee and may not offer other employment after retirement. Employee
can never again contribute to LAPP to increase retirement income.
3. How
is my pension calculated?
The amount of employee's pension is based on a formula using their length
of service and the average of employee's five highest consecutive years
of salary (highest average salary). Visit the LAPP web site and use
their on-line Pension Estimator. www.lapp.ab.ca
4.
How do I change my beneficiary, update my marital status or change my
name?
Please contact the Human Resources Department. New forms will be provided
upon request.
5. Do
I have to name my spouse as beneficiary?
If employee has a spouse, he/she is automatically your beneficiary.
A common-law spouse can be considered a spouse for pension purposes.
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