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Your Benefit
Calculating
Your Benefit - Early Retirement
You may retire as early as the first day of any
month after your 48th birthday if you have vested in the
plan and you have at least 3 years of future service
credit. Your benefit will be calculated as a
normal retirement and then reduced. The reduction
is to help offset the longer period of time that you
will receive benefits.
Prior to April 1, 2009, for the first 72 months
that your early retirement precedes your normal
retirement date, your pension benefit will be reduced by
1/2 of 1% per month; for each month in excess of 72 the
benefit will be reduced by an additional 1/3 of 1% per
month. All months earned after April 1, 2009 will
be reduced by 1/2 of 1% per month. The percentage of your normal retirement
benefit you will receive after the reduction is shown
below:
|
If your age at
retirement is... |
The factor applied
to your benefit earned prior to April 1, 2009
will be... |
And the factor
applied to your benefit earned on and after
April 1, 2009 will be... |
|
58 |
100% |
100% |
|
57 |
94% |
94% |
|
56 |
88% |
88% |
|
55 |
82% |
82% |
|
54 |
76% |
76% |
|
53 |
70% |
70% |
|
52 |
64% |
64% |
|
51 |
60% |
58% |
|
50 |
56% |
52% |
|
49 |
52% |
46% |
|
48 |
48% |
40% |
If you choose to return to work and suspend benefits,
your pension payments will be suspended and additional
benefits will usually
accrue. When you choose to
resume pension payments, your early retirement
reduction factor will be adjusted one time.
This adjustment is made only once no matter how many
times your benefit payments are suspended.
For further details,
please review the
Summary Plan Description.
Pension Projection Calculator
For your convenience
we are introducing a new tool that will allow you to
estimate your retirement benefits for a projected date of
retirement. If you have any questions regarding this retirement projection calculator
or would like to request a projection please call our office at 907-276-1246 extension 301:
www.aetf.com/calc
|
