Long Term: Retirement Grant
RETIREMENT GRANT (One Lump Sum Payment)
Please note that it is your right to ask our officers, if, and by how much, your Retirement Benefit would increase if you opt for compulsory retirement at 65 years of age.
HOW TO QUALIFY
|YOU MUST||REQUIREMENTS||TIME REQUIREMENT|
|Be an insured contributor, between 60 and 64 and not be substantially employed OR||Submit completed claim for Retirement Benefit on prescribed form (RB1) signed and dated by the insured contributor||If 65 years old, submit claim within 13 weeks after 65th birthday|
|Be an insured contributor 65 years (whether employed or not)||Present Social Security card, passport or birth certificate (with picture ID) when making claim||If 60-64 years, submit claim 13 weeks after date employment ceased|
|Retirement Grant is paid if pension is not payable; and if the insured contributor has a minimum of 26 paid contributions||Provide summary of employment history on prescribed form (ED1) since 1981||If claim is not submitted within the required 13 weeks a good reason must be given by the insured contributor|
|Please click here to download the required forms: RB1 & ED1|
RATE AND PAYMENT OF BENEFIT
Retirement Grant is paid if insured person does not meet the contribution requirement for a Retirement Pension.
A minimum of 26 paid contributions is a requirement for a Retirement Grant.
Social Security pays
the higher amount calculated with the above formulas
6 x sum of insurable earnings in best 3 years of contributions ÷ 150 x units of 50 contributions OR 2.5 x sum of weekly insurable earnings ÷ no. of contributions x units of 50 contributions
Minimum Grant: $800
It is a one-time payment