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Anchorage, AK 99503

 

 

The information contained on this website is intended to be a summary only.
In case of a difference, actual Plan Provisions will apply.
Always refer to your Summary Plan Description for details.

   
 Home Pension  Calculating 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

 

 

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