Early Retirement Factors for Active Participants

(Revised Plan 10/1/1991)

The reduction factors in Table 3 apply to all active participants who earn a minimum of 6 months of pension credit after January 1, 1991 and elect to retire on a reduced pension prior to Normal Retirement Age (age 64). In addition to meeting the specific service requirements as noted below, an active participant must also meet the Planís General Eligibility requirements before a pension is payable.  

These reduction factors apply to all active participants who meet the eligibility requirements to an Early Retirement, Early Statutory or 30-Year Full Service Pension before October 1, 2003. If an active participant does not meet these eligibility requirements before October 1, 2003, his pension will be determined under the reduction factors found in Table 2.  

(a)

An Active Participant is eligible to retire on an Early Retirement Pension between the ages 52 and 64  if he:  

  1. has at least 15 years of pension credit, and

  2.  has a minimum of 6 months of contributory credit after age 49.  

(b)

An Active Participant is eligible to retire on an Early Statutory Pension between the ages 52 and 64  if he:  

  1. has attained Vested Status as defined in the Rules and Regulations, 

  2. has at least 15 years of pension credit, and

  3. has attained age 52.

(c)

An Active Participant is eligible to retire on a 30-Year Full Service Pension at any age if he:  

  1. has at least 30 years of contributory credit.

 

Table 3

Early Retirement Age   (a) Early Retirement Percentage Payable  (b) Early Statutory Percentage  Payable (c) 30 Year Full Service Percentage Payable
64  100% 100% 100%
63 96% 88% 96%
62 92% 78% 92%
61 88% 69% 88%
60 83% 62% 83%
59 74% 55% 83%
58 66% 49% 83%
57 60% 44% 83%
56 54% 40% 83%
55 48% 36% 83%
54 44% 32% 83%
53 40% 29% 83%
52 36% 27% 83%
51 and Younger NA N/A 83%

The amount of the reduced pension payable before Normal Retirement Age is equal to the participantís vested benefit amount payable at age 64 multiplied by the reduction factor shown in Columns 2, 3 or 4 that corresponds to his age at the commencement date of his pension. 

 

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