This special early retirement provision is for employees on Long Term Disability (LTD) who have reached the age of 55. The ERIB provision enables eligible employees to retire onto the Municipal Pension Plan while being protected from any long term loss in their pension Benefits through a lump sum payment.
Some benefits of the ERIB program are:
- Retirement onto pension early without losing income
- Monthly pension Benefits are indexed to increase for inflation each year
- Savings on Medical Service Plan and Extended Health and Dental premiums
- Does not offset other disability income(s)
- No requirement to submit regular medical reports