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Key Plan Provisions
- In order to be vested in a pension benefit, you must have earned 5 years of service before the date the plan ended.
- The Normal Retirement Age is age 65. If you have 5 years of benefit service, you may begin receiving a reduced pension benefit as early as age 55.
- You may be eligible for the plan's Disability Benefit if you have been awarded a Social Security Disability benefit for a disability that occurred prior to the date the plan ended and you have 10 years of service. For a review of your disability eligibility please send us a copy of your Social Security Disability Award letter.
- The PBGC normally pays benefits in monthly payments for life rather than as single lump sum. However, if the total value of your benefit is $5,000 or less, you can receive a lump sum. (Note: The WestPoint Stevens’ plan allowed participants to receive a lump sum for the benefit they earned through 1994 regardless of the size of the lump sum. The PBGC will not offer this option.)
