There are three early retirement payment options under the Plan. Each is described below:
Generally, if you have at least 10 years of Past and/or Future Service when you leave bargaining unit employment, you may elect to receive early retirement payments at any time commencing on the first day of any month coinciding with, or following the later of your retirement date or the date you attain age 50. Your early retirement payments are calculated in the same way as the normal retirement payment except there is an actuarial reduction in the amount based on your age when benefits commence. The actuarial reduction is determined based on the following chart:
| Age | Early |
|---|---|
| 65 | 100% |
| 64 | 96% |
| 63 | 92% |
| 62 | 88% |
| 61 | 74.4% |
| 60 | 67.7% |
| 59 | 61.7% |
| 58 | 56.4% |
| 57 | 51.6% |
| 56 | 47.3% |
| 55 | 43.5% |
| 54 | 40.0% |
| 53 | 36.9% |
| 52 | 34.0% |
| 51 | 31.4% |
| 50 | 29.1% |
The following table of early retirement factors apply to those participants, who, at the time of their termination of bargaining unit employment, have attained age 50 and completed at least 20 years of Past and/or Future Service.* These early retirement factors apply to those participants who have one or more Hours of Service in bargaining unit employment on or after January 1, 1998 (different factors previously applied).
*This early retirement option also applies to participants who terminated bargaining unit employment as part of the 2001 Involuntary Separation Program with at least 20 years of Past and/or Future Service, but had not attained age 50 at the time of their termination. Such participants may commence receiving early retirement benefits on or after attainment of age 50.
| Age | Early |
|---|---|
| 65 | 100% |
| 64 | 100% |
| 63 | 100% |
| 62 | 100% |
| 61 | 100% |
| 60 | 100% |
| 59 | 95% |
| 58 | 90% |
| 57 | 85% |
| 56 | 80% |
| 55 | 75% |
| 54 | 70% |
| 53 | 65% |
| 52 | 60% |
| 51 | 55% |
| 50 | 50% |
The Rule of 85 became effective January 1, 2000. You are eligible for the Rule of 85 if you meet the requirements of both (a) and (b):
If you meet the eligibility requirements for the Rule of 85, you may retire at any time (provided you satisfy the advance filing requirements described on page 29) and receive your retirement benefits without reduction for early commencement.