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Grand Rapids, MI 49512
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New Early Retirement Reduction Factors
The Plan was also amended to change the early retirement provisions. There are two changes:
The retirement age for unreduced benefits will be raised to age 65 (similar to the way the Social Security Administration has dealt with increases in life expectancy)
The early retirement factors are changed to:
- 8% reduction for each year you retire before age 65 but after age 60
- 4% reduction for each year you retire before age 60 but on or after age 55 (plus 8% per year for age 60 to 65 reductions)
Here is an example of how the change will impact early retirement benefits:
