Early Retirement Factor definition

Early Retirement Factor means the reduction factors used to calculate early retirement benefits under the A&B Retirement Plan for participants of such plan who retire from active service at or after attaining age 55.

Early Retirement Factor means, in relation to a Member who elects a Pension Commencement Date earlier than their Normal Retirement Date, the factor calculated in Section 8.02.

Early Retirement Factor means the reduction defined in Section 4.02(e).

Examples of Early Retirement Factor in a sentence

• Washington State law requires reporting of any contractor, independent contractor or personal service contractor that has retired from the State of Washington using the 2008 Early Retirement Factor (ERF).

• If an early retirement benefit is paid, the Early Retirement Factor shall be based on the months by which commencement of the benefit precedes age 60.

• The Early Retirement Factor applicable to a Member is equal to 100% reduced by 3.00% per year (prorated for partial years) by which the Member’s Pension Commencement Date precedes their Normal Retirement Date.

• The death benefit shall be a percentage of the participant's Accrued Benefit as of the date of death, based on an Early Retirement Factor of 100 percent.

• The Pre-1992 Formula Pension (as adjusted under Section 9.02(a)(1)) and Post- 1991 Formula Pension (as adjusted under Section 9.02(a)(1)) amounts are multiplied by the Member’s Early Retirement Factor.

• A Participant's Vested Change in Control Benefit shall equal his or her Prorated Retirement Income determined as of the Change in Control date, reduced by (i) the Early Retirement Factor applicable at the Participant's age determined as of the monthly benefit commencement date determined under the provisions of paragraph (3) below, and (ii) further reduced by Other Benefits as provided in Appendix C.

• Your pension will be equal to your deferred pension revalued to your early retirement date but may be reduced by an Early Retirement Factor to take account of the fact that it is being paid early.

• For early retirement prior to age 65, the Supplemental Benefit is reduced by the Supplemental Early Retirement Factor.

• The benefit freeze described herein shall not affect the increase in the amount of a Participant’s benefit due to the Participant’s increasing age (and the consequent effect on the applicable Early Retirement Factor).

• The graph uses the state’s most generous Early Retirement Factor (2008ERF), which allows teachers to collect full retirement benefits at age 62 with stricter rules about returning to work after retirement (i.e., “double dipping”).

More Definitions of Early Retirement Factor

Early Retirement Factor means 100% minus 0.41667% times the number of months the Employee’s age at his Early Retirement Date precedes his age 60.

Early Retirement Factor means an adjustment to the pension

Early Retirement Factor means 100% minus 0.41667% times the number of months the Employee’s age at his Early Retirement Date precedes his Normal Retirement Date.

Early Retirement Factor means 100% minus one-half of one percent (.5%) for each month by which the SPP Commencement Date precedes the date the Employee would have attained age 60, with any partial final month to be rounded to the closest whole month.

Early Retirement Factor means the reduction defined in

Early Retirement Factor means an amount by which a Benefit will be reduced because the Retiree’s Benefit Commencement Date precedes his/her Normal Retirement Date. The amount of the reduction shall be equal to 5% for each year and 1/12th of 5% for each month of a fractional year by which the Benefit Commencement Date precedes the first date of the month coincident with or next following the 62nd anniversary of the Member’s birth.