At Early Retirement with Less Than 30 Years of Credited Service
If you retire at or after the early retirement age of 55 with less than 30 years of Credited Service, your annual pension benefit is subject to reduction and calculated as follows:
|Highest Average Compensation x 1.6% x Credited Service||Plus||Up to the first $10,000 of Highest Average Compensation x 1.15% x Credited Service|
|= Your Total Annual Normal Retirement Benefit|
|5% x each year (approximately 0.4167% per month) your early retirement date is short of age 65|
|= Your Total Annual Early Retirement Benefit with Less Than 30 Years of Credited Service|
Special Transition Rule for Grandfathered Participants: If you were age 55 or older as of December 31, 2017, and you retire at or after age 60 and prior to age 65, your pension benefit will be reduced by 0.2% for each month that your early retirement date precedes age 65. If you retire before age 60, however, the reduction of 5% per year (approximately 0.4167% per month) will apply.