A retirement plan provision which allows an employee to retire before the companys...
You may retire with a reduced benefit as early as age 55 if you have at least five years of credited service. Your benefit is reduced one-half percent per month for the first 60 months and four-tenths percent for each additional month you fall short of meeting age or service requirements for an unreduced benefit.
Retirement before a member's normal retirement date. The member must be 50 years of age or older, and have at least five years of credited service. The member's benefit is reduced from the full benefit calculated by the ASRS benefit formula.
After reaching the age of 60, scheme member can make a statutory declaration that he/she has permanently ceased employment in order to withdraw his/her accrued benefits derived from mandatory contributions.
A termination of employment involving the payment of a retirement allowance before a participant is eligible for normal retirement. The retirement allowance payable in the event of early retirement is often lower than the accrued portion of the normal retirement allowance
Under a defined benefit plan like the FRS Pension Plan, “early retirement” is an elective, service-based retirement that occurs before the member reaches his/her normal retirement age or date. If a member retires early, he or she will receive a reduced retirement benefit because he or she has not yet qualified for normal retirement. ( Note that a member must be vested to take an early retirement; however, disability benefits are not reduced for early retirement, and vesting is not required for in-line-of-duty disability retirement.)
The retirement of a member with immediate benefits, before normal retirement date. The benefit may be reduced for early payment. See also Ill-health Early Retirement.
The retirement of a member with immediate retirement benefit before normal pension date. The benefit may be reduced because of early payment. See also ill health early retirement.
provision made in a retirement plan to allow employees who have met certain conditions, such as length of service and specified age, to retire prior to their regularly scheduled retirement age.
Retirement of a participant prior to the normal retirement date, usually with a reduced amount of annuity. Early retirement is generally allowed at any time during a period of 5 to 10 years preceding the normal retirement date.
In this case, we're talking about the period of time right after you have retired. Typically, newly retired people spend more money than those that have been retired for a few years.
The election by an eligible participant in a pension plan, to begin receiving plan benefits before the normal retirement age, subject to minimum age and service requirements and subject to a reduced pension income benefit.
You can start getting Social Security retirement benefits as early as age 62, but your benefit amount will be less than you would have gotten at full retirement age. If you take retirement benefits early, your benefit will be permanently reduced, based on the number of months you received checks before you reached full retirement age. See Retirement Insurance Benefits (RIB).
This is when a member retires before their normal retirement date and gets their pension immediately.
When a member starts to take his/her pension before the normal retirement date of the scheme.
Retiring from a pension scheme before the normal retirement age.
