retirement before end of contract

[xtraforus]

i am a MCpl with 14 years in on a 20 years contract, my question is what would happen to me if tomorrow i pull the plug ?  do i get anything back financially like the PIL or some kind of pension.  I am 40 and sick of the BS i see at my unit.

 

[Biohazardxj]

In a nut shell, 2 percent pension for every year served and severance pay of 1 week pay for every year served.  Go talk to your release clerk, they will give you accurate numbers based on your current situation.

 

[DAA]

i am a MCpl with 14 years in on a 20 years contract, my question is what would happen to me if tomorrow i pull the plug ?  do i get anything back financially like the PIL or some kind of pension.  I am 40 and sick of the BS i see at my unit.

Off hand, you will receive "Severance Pay" not PIL and you can either elect a "deferred pension" payable at age 60 (I think) or opt for a "commuted value" which would be transferred to a "locked in" Registered Retirement Savings Vehicle that could not be touched until age 65 or something like that.

This is just general off the cuff info that comes to mind.  Your best source of information, which was kindly pointed out by SGT-RMSCLK is the Release Section on your Base.  It doesn't hurt to go and talk to them.