Long Term: Retirement Grant

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HOW TO QUALIFY

YOU MUSTREQUIREMENTSTIME REQUIREMENT
Be an insured contributor, between 60 and 64 and not be substantially employed ORSubmit completed claim for Retirement Benefit on prescribed form (RB1) signed and dated by the insured contributorIf 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 claimIf 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 contributionsProvide summary of employment history on prescribed form (ED1) since 1981If 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

Formula:

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