Alternative Plan Early Retirement Reduction Factors 


The reduction factors in Table 20 apply to all Active Participants who elect to retire on a reduced pension prior to Normal Retirement Age (age 65). In addition to meeting the specific service requirements noted below, an Active Participant must also meet the Planís General Eligibility requirements before a pension is payable.  

(a)  An Active Participant  is eligible to retire on an Early Retirement Pension if he:

(1) has at least 15 years of Pension Credit,

(2) is not an Inactive Vested Participant at the Participantís Effective Date, and

(3) has attained age 55.


Table 20

Early Retirement Age    (a) Early Retirement Percentage Payable
65 100%
64 95%
63 90%
62 85%
61 80%
60 75%
59 67%
58 59%
57 51%
56 43%
55 35%

The amount of the reduced pension payable before Normal Retirement Age is equal to the Active Participantís vested benefit amount payable at age 65 multiplied by the reduction factor shown in Columns 2 that corresponds to his age at the commencement date of his pension. 

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