Early Retirement Factors

(Prior to 10/1/1991)

The reduction factors in Table 4 apply to all participants who do NOT earn a minimum of 6 months of Contributory Credit after January 1, 1991 and elect to retire on an Early Retirement Pension.

A participant may retire on an Early Retirement Pension if he:

  1.       meets the Plan’s General Eligibility requirements,

  2.       has at least 15 years of pension credit,

  3.       has a minimum of 6 months of contributory credit after age 49, and

  4.       has a retirement age between 52 and 64.

The amount of the Early Retirement Pension is equal to the participant’s regular benefit amount payable at age 64 multiplied by the factor shown in Column 3 that corresponds to his age at the commencement date of his pension.

Table 4

Early Retirement Age   Percentage Reduction Percentage Payable
64 0% 100%
63 0% 100%
62 0% 100%
61 0% 100%
60 0% 100%
59 11% 89%
58 20% 80%
57 28% 72%
56 35% 65%
55 42% 58%
54 47% 53%
53 52% 48%
52 57% 43%
51 and Younger N/A N/A

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