Early Retirement Factors
(Revised Plan 10/1/1991)
The reduction factors in Table 3 apply to all 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, a
participant must also meet the Plan’s General Eligibility requirements before
a pension is payable.
These reduction factors apply to all participants who meet
the eligibility requirements to an Early Retirement, Early Statutory or 30-Year Full Service Pension
before October 1, 2003. If a 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)
|
A participant is eligible to retire on an Early
Retirement Pension between the ages 52 and 64 if he:
|
-
has at least 15 years of pension credit, and
-
has
a minimum of 6 months of contributory credit after age 49.
|
(b)
|
A participant is eligible to retire on an Early
Statutory Pension between the ages 52 and 64 if he:
|
-
has attained Vested Status as defined in the Rules and
Regulations,
-
has at least 15 years of pension credit, and
-
has attained age 52.
|
(c)
|
A participant is eligible to retire on a 30-Year
Full Service Pension at any age if he:
|
-
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 participant’s 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.
Return
to Table Selection
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England Teamsters & Trucking Industry Pension Fund
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