... Are you going to work part-time? And what about part-time retirement, anyway?

Working part-time

The amounts set aside for your pension are based on your salary and the hours you work. If you are in the final pay plan, you will build up more pension if you work more hours. If you are in the ARP/ASP plan, then you put in more premium. The reverse applies if you earn less.

Part-time pension

Combining work with a pension? You can do so from the age of 50 with a part-time pension. For example, you can work three days and retire on two. You will then receive a pension for those two days and also a salary. After the age of 67 you can no longer take part-time pension. You then have the choice of continuing to work full-time until you turn 70 or retiring completely.

Are you a member of the final pay plan?

If you work part-time, your pension accrual is calculated on the basis of your part-time percentage. This percentage indicates how much you work for. If you work full-time, the percentage is set at 100%. If you work three days a week, this percentage is reduced to 60%. From that moment on, you also build up a pension of 60%.

Are you in the ARP/ASP plan?

The same applies to the part-time pension. The premium is adjusted according to your part-time percentage. Premium is paid for the part that you work. For the other part, you will retire on a part-time basis. If you retire 40% part-time, 40% of your existing balance from the ARP and ASP plans is used to purchase your part-time pension.