Frequently asked questions...

How much will I get when I retire?

Every summer a Pension Statement is mailed to your home with the actual monthly benefit you have accrued under the plan.  It is based on your actual hours and earnings as of the end of the previous calendar year.  We suggest you save your statement with other important papers for financial planning purposes.

Can I cash in my pension or roll it over into another account?

Your pension is paid only in the form of a monthly annuity when you decide to retire, which can be anytime after age 55.  In cases where the total value is under $5000, usually due to a short term of service at part time earnings, the benefit is paid in a lump sum.

Who do I contact when I am ready to retire?

Please complete the Pension Calculation Form available online or from your Human Resources Department.  Then return the form, at least 90 days before you plan to retire, to your Benefits Counselor.  If you wish, you can send it directly to Main Line Health's Corporate Human Resources Dept. (by Interoffice mail) who will do your calculation and meet with you to discuss.

How long must I work here to get a pension?

Only 5 years, working 1,000 hours or more entitles you to a monthly pension check from Main Line Health when you retire--even though your retirement may be 20 or 30 years away.  The longer you are employed, the greater the benefit.

Do I lose my pension if I work less than 1000 hours in a particular year?

No.  The years of earned credit toward your pension can be non-consecutive.  If you work under 1,000 hours in a particular year you simply do not earn a year of pension credit for that year.  Your pension hours earned is reported on your epay stub so you can track them.

How early can I retire?

You can retire as early as age 55 but your monthly benefit amount is reduced because you will be receiving checks for a longer period of time.  Your normal retirement date is considered to be age 65.