Early Retirement Pension definition

Early Retirement Pension means a Pension payable to a Participant when Termination occurs on or after age 55 but before age 65, and after the Participant has earned at least seven and one-half (7 ½) years of Credited Service.

Early Retirement Pension means the pension as provided in Article VII. Section 2.11 – Employee Employee sShall mean any Police Officers and Uniformed Fire and Rescue DepartmentPersonnel of the County, excluding for the purposes of the Plan any other individual who isreceiving remuneration for service with the County. Effective July 1, 2019, Employee shall also mean any employees of the Prince William County Sheriff’s Office and employees of the Prince William Manassas Regional Adult Detention Center who are employed in positions eligible toreceive benefits pursuant to Virginia Code Sections 51.1-138(B)(i) or (iv).[AL14] Any employee ona Leave of Absence of not more than twelve (12) months shall continue to be an Employee of the County. Final AverageMonthly[AL15] Section 2.12 – Earnings For Participants hired or rehired before July 1, 2010, Final Average Monthly Earnings shall mean the Participant’s highest Compensation received during the thirty-six (36) consecutive months of Credited Service which produces the highest average; or if the Participant has less than thirty-six (36) consecutive months of Credited Service with the County, the average Annual Compensation received during the entire period of Credited Service prior to his termination of employment. For Participants hired or rehired on or after July 1, 2010, Final Average Monthly Earnings shall mean the Participant’s highest Compensation received during the sixty (60) consecutive months of Credited Service which produces the highest average; or if the Participant has less than sixty (60) consecutive months of Credited Service with the County, the average Annual Compensation received during the entire period of Credited Service prior to his termination of employment. Section 2.13 – Internal Revenue Code Shall mean the Internal Revenue Code of 1986, as amended. Section 2.14 – Investment Manager Shall mean an entity that (a) has the power to manage, acquire or dispose of Plan assets and (b) acknowledges fiduciary responsibility to the Plan in writing. Such entity must be a person, firm, or corporation registered as an investment adviser under the Investment Advisers Act of 1940, a bank, or an insurance company. Section 2.15 – Late Retirement Pension Shall mean a pension as provided in Article VI. Section 2.16 – Leave of Absence Shall mean the period of time in which an Employee remains absent from service without pay for any reason other than quit, discharge, retirement or death including, but not limited to, approved leave o...

Early Retirement Pension means the annuity Pension Benefit described in Section 6.3 (Early Retirement Pension).

Examples of Early Retirement Pension in a sentence

• If the Participant will receive an Early Retirement Pension, the payment amount shall be reduced by 3/12ths of 1 percent for each month by which the benefit commencement date precedes the date the Participant would attain his Normal Retirement Date.

• A participant who is eligible for an Early Retirement Pension will receive the greater of the Disability Pension or the Early Retirement Pension.

• Subject to the aggregate limits of Section 4.4, such Participant shall be entitled to receive benefits determined under this Section, in addition to any benefit provided under Section 3.3. Such additional benefits shall be in the form of a retirement supplement, calculated as the difference between an Early Retirement Pension under the provisions of such Base Plan and a Vested Deferred Pension under such Base Plan.

• This amount is reduced by ½ of 1% for each month by which the participant is younger than age 65 on the Annuity Starting Date of his or her Early Retirement Pension.

• The Early Retirement Pension is the amount of the Regular Pension to which the participant would be entitled if he or she were then 65 years of age reduced by ½ of 1% for each month by which the participant is younger than age 65 on the Annuity Starting Date of his or her Early Retirement Pension.

More Definitions of Early Retirement Pension

Early Retirement Pension means the pension benefit determined pursuant to Section 7.02.

Early Retirement Pension means the Pension payable pursuant to Section 3.3.

Early Retirement Pension means the amount of lifetime pension determined in accordance with Article 3.4.

Early Retirement Pension means a pension payable under regulation 101;

Early Retirement Pension means a Pension payable to a Participant when Termination occurs on or after age 55 but before age 65, and after the Participant has earned at least10 years of Credited Service (seven and one-half (7 ½) years of Credited Service for Eligible Employees who were Employees on or after January 1, 1998).

Early Retirement Pension means pension payable under Division 2 of Part V;

Early Retirement Pension means a Pension Benefit payable under Section 3.2-L.