Summary Plan Description (Revised January 1, 2012)

Special Early Retirement

Eligibility and Retirement Date

To be eligible for special early retirement you must be:

  • Vested in this plan;
  • Age 55 through age 64;
  • Have at least 750 hours of service in this plan in the three calendar years immediately preceding your retirement effective date; and
  • No longer working in any type of work for an employer that contributes to the plan.

Your retirement date cannot be earlier than the later of (1) the first of any month following your 55th birthday, or (2) the first of the month following receipt of your completed Application For Retirement Benefits and Election of Retirement Benefits form.

  • For additional information about special early retirement eligibility, please see Article 4.2.2
Monthly Benefit

Under special early retirement, you can retire at ages 62 through 64 and your total monthly benefit is not reduced for early retirement. If you retire between ages 55 through 61, your early retirement reduction is less than it would be if you retired under regular early retirement.

Under special early retirement, your monthly income is your total monthly benefit, less the appropriate reduction for special early retirement (if applicable), less the appropriate reduction for a joint and survivor benefit (if applicable). Your total monthly benefit is reduced because your monthly payments will begin earlier and will probably be paid for a longer period of time than if you had retired under normal retirement. Special early retirement reduction factors are listed in Table 5. Joint and survivor factors are listed in Table 7. The following examples illustrate how to calculate a special early retirement income. 

Calculations

Example 1

You retire at age 62 with a single life benefit of $2,000.00:

Total Monthly Benefit = Monthly Benefit
$2,000.00 = $2,000.00

In this example, your $2,000.00 total monthly benefit is not reduced because there is no early retirement reduction at ages 62 through 64 with special early retirement and there is no reduction for a survivor benefit.

Example 2

You retire at age 60 with a single life benefit of $2,000.00:

Total Monthly Benefit x Special Early Reduction Factors = Monthly Benefit
$2,000.00 x .9400 (94.00%) = $1,880.00

In this example, your $2,000.00 total monthly benefit is reduced by $120.00 for special early retirement. This represents an additional 9% subsidy by the plan under special early retirement.

Example 3

You retire at age 60 with a total monthly benefit of $2,000.00. Your spouse is five years younger than you and you elect a 50% joint and survivor benefit:

Total Monthly Benefit x Special Early Reduction Factors = Monthly Benefit
$2,000.00 x .9400 (94.00%) = $1,880.00

Reduced Monthly Benefit x Joint and Survivor Reduction Factor = Monthly Benefit
$1,880.00 x .8550 (85.50%) = $1,607.40
$1,607.40 per month for your lifetime
$803.70 per month for your surviving spouse's lifetime

In this example, your $2,000.00 total monthly benefit is reduced by $120.00 for special early retirement and by $272.60 to provide a continuing monthly income for your surviving spouse's lifetime. 

Your special early retirement income can be increased with the pension enhancement option described here.

Retirement benefits are taxable income. Retirement Services will automatically provide you with a Form 1099-R in late January of each year for the upcoming April 15 tax deadline.

  • For additional information about the monthly benefit available under special early retirement, please see Article 4.2.2 and Article 6.2.2
Table 5
Special Early Retirement Reduction Factors

To qualify for the special early retirement reduction factors you must be vested, have five years of credited service in this plan, satisfy the activity test (750 hours of service in the three plan years immediately preceding your retirement date), and retire on or after January 1, 1988.

If you qualify for special early retirement, select the age closest to your age on your retirement date. Then multiply your monthly benefit by the corresponding reduction factor. There is no reduction for early retirement between the ages of 62-64. 

Age Factor
61 - 11
99.75%
61 - 10
99.50
61 - 9
99.25
61 - 8
99.00
61 - 7
98.75
61 - 6
98.50
61 - 5
98.25
61 - 4
98.00
61 - 3
97.75
61 - 2
97.50
61 - 1
97.25
61 - 0
97.00
60 - 11
96.75
60 - 10
96.50
60 - 9
96.25
60 - 8
96.00
60 - 7
95.75
60 - 6
95.50
60 - 5
95.25
60 - 4
95.00
60 - 3
94.75
60 - 2
94.50
60 - 1
94.25
60 - 0
94.00
59 - 11
93.75
59 - 10
93.50
59 - 9
93.25
59 - 8
93.00
59 - 7
92.75
59 - 6
92.50
59 - 5
92.25
59 - 4
92.00
59 - 3
91.75
59 - 2
91.50
59 - 1
91.25
59 - 0
91.00
58 - 11
90.50
58 - 10
90.00
58 - 9
89.50
58 - 8
89.00
58 - 7
88.50
58 - 6
88.00
58 - 5
87.50
58 - 4
87.00
58 - 3
86.50
58 - 2
86.00
58 - 1
85.50
58 - 0
85.00
57 - 11
84.50
57 - 10
84.00
57 - 9
83.50
57 - 8
83.00
57 - 7
82.50
57 - 6
82.00
57 - 5
81.50
57 - 4
81.00
57 - 3
80.50
57 - 2
80.00
57 - 1
79.50
57 - 0
79.00
56 - 11
78.50
56 - 10
78.00
56 - 9
77.50
56 - 8
77.00
56 - 7
76.50
56 - 6
76.00
56 - 5
75.50
56 - 4
75.00
56 - 3
74.50
56 - 2
74.00
56 - 1
73.50
56 - 0
73.00 
55 - 11
72.50
55 - 10
72.00
55 - 9
71.50
55 - 8
71.00
55 - 7
70.50
55 - 6
70.00
55 - 5
69.50
55 - 4
69.00
55 - 3
68.50
55 - 2
68.00
55 - 1
67.50
55 - 0
67.00