If you are vested and leave Cooper for any reason, you can either roll your benefit over to an Individual Retirement Account (IRA), roll the benefit over to another employer's qualified plan, or take taxable receipt of your benefit.
When you retire, you may take your benefit as a monthly annuity or as a cash-out. If you are retiring early and choose to take your benefit before age 65 in the form of an annuity, you will receive a reduced early retirement benefit. To receive an early retirement benefit, in the form of a reduced monthly annuity, you must be at least age 62 and have 10 years of continuous credited service, or you must be at least age 55 with 15 years of continuous credited service. The reduction is .4% per month for every month prior to age 62 and .6% per month for all months between age 62 and 65.
Benefits are also paid to you in the event of your total and permanent disability as a monthly annuity. If you are totally and permanently disabled and have completed 10 years of service, you may begin receiving your monthly benefit after you have been disabled for five months. This plan also has a pre-retirement survivor annuity provision which provides a benefit to your beneficiary upon your death. Your beneficiary can choose to either receive the benefit as a monthly annuity or a lump-sum.