| Types of Retirement |
- Normal Retirement Benefit
- Retirement when a Participant reaches Normal Retirement Age (usually
age 65) is considered Normal Retirement.
- Unless a Participant elects an optional form of benefit, there will
be no reduction or increase in a Participant’s benefit if a Participant
has a Normal Retirement.
- Early Retirement
- Retirement prior to age 65 is considered Early Retirement.
- The earliest age a vested Participant may retire and start a pension
benefit is age 52.
- In general, the reduction factor is 1/3 of 1% for each month a Participant
is younger than 63 down to age 55 and ½ of 1% for each month a Participant
is younger than age 55.
- In general, there is no reduction in benefits if a Participant retires
at age 63 or older.
- In all cases, benefits earned before 1997 based on compensation over
$160,000 per year will have a reduction of ½ of 1% for each month a Participant
is younger than 65.
- A Participant may not work during the first calendar month of a Participant's
benefit commencement to be considered retired.
- Late Retirement
- Retirement after a Participant reaches Normal Retirement Age (usually
age 65) is considered Late Retirement.
- A Participant's benefit will be increased to reflect the delay in the
start of the benefits.
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