Utility Workers Union of America
AFL - CIO Local 127

In addition to whatever regular pension plan or alternative tax-deferred plan may be in place, your union contract may provide for other options.  For example, you may find that once you reach a certain age, or have been with the employer long enough, you may have the right to have a “phased retirement,” meaning that you can choose to have a reduced work schedule.  Or the contract may allow “buyouts,” permitting certain employees to leave with either a cash settlement or a reduced retirement payout.
—Adapted from The Union Member's Complete Guide, by Michael Mauer