In general, you must file a retirement application with CPF about three months or more before the date you want to retire, although there is one application filing exception noted below. As part of the application process, you choose your form of payment and, if applicable, designate a beneficiary.
CPF must receive your completed application to retire prior to your anticipated retirement date in order for our Client Services group to process your retirement for that date. Retroactive retirements are not generally permitted.
Application Filing Exception: CPF recommends that you file a retirement application to ensure that you select the payment option that meets your needs. However, CPF will automatically begin your retirement benefit payments even if you do not complete a retirement application if you have reached your IRS required beginning date (typically, April 1 of the year following the year in which you attain age 70½). In this case, if CPF does not receive a completed retirement application on time, your retirement benefit will be based on the normal form of payment and your marital status in CPF’s records at that time. If you want to choose your form of payment and designate a beneficiary, we encourage you to contact our Client Services group no later than three months after you turn age 70, if you are no longer working for a participating employer at the time.