New Early Retirement Factors for Active Participants

(Effective 10/1/2003)

The reduction factors in Table 2 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 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 requirements to an Early Retirement or 30-Year Full Service Pension on or after October 1, 2003. If an active participant met the age and service requirements to an Early Retirement, Early Statutory or 30-Year Full Service Pension prior to October 1, 2003, he may retire under the reduction factors found in Table 3 .  

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

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

  2.       has a retirement age between 55 and 64.

 (b) An Active Participant is eligible to retire on a 30-Year Full Service Pension if he:  

  1.   has at least 30 years of contributory credit, and

  2.   has a retirement age under age 60.

Table 2

Early Retirement Age    (a) Early Retirement Percentage Payable  (b) 30 Year Full Service Percentage Payable
64 100% 100%
63 95% 95%
62 90% 90%
61 85% 85%
60 80% 80%
59 72% 75%
58 64% 75%
57 56% 75%
56 48% ***
55 40% ***

***    If you have earned 30 or more years of contributory credit as of 7/31/2005 you can retire on a 30 year full service pension at a 75% reduction at any age less than 57.

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 or 3 that corresponds to his age at the commencement date of his pension. 

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