Understanding the Rule of 65 or 70/80 retirement - Pellet Hourly
To be eligible for Rule of 65 or 70/80 retirement, your plan required that your age plus your service equal 65, 70 or 80 and that your continuous service is broken (in other words, your employment with National Steel ended) due to one of the following reasons:
- A permanent shutdown of the mine, the plant, your department or a subdivision of your department,
- By being on layoff for more than 2 years, or
- Due to physical disability.
On the date the plan ended (
On the date the plan ended, no participant who met the age and service requirement for Rule of 65 or 70/80 had been on layoff for more than 2 years continuously.
Any participant whose service terminated due to physical disability before the date the plan ended retired under the plan's permanent incapacity provision, which provides the same benefit as a Rule of 65 and 70/80 retirement.