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Pension Benefits for persons Age 70 and Older
When a member who is still employed reaches age 70, they change the membership type for Pension Benefits on the date they reached age 70, in principle. Type A-1 members becomes Type B-2 members, and Type C-1 members become Type C-3 specified personnel. (refer to membership types) This transition is called withdrawal at age 70. Therefore, Type B-2 members pay one half of the Short-Term Benefit premiums only (the other half is covered by the member’s school). Type C-3 specified personnel no longer need to pay the premiums.
If the Pension-benefit Qualifying Period is not met by the date a member reaches age 70, by applying for “Voluntarily Continued Plan after the Age of 70”, the member can continue to be participated in to Employees’ Pension Insurance as a Type A-2 (or Type C-2) member. The insurance premiums can be paid (1) in full by the member or (2) in equal shares by the member and their school upon an agreement between them.
Description of terms
Date age 70 is reached --- One day before the 70th birthday