Multiple Retirement Ages

Arrangement by which an employee can retire and receive full benefits without reduction, or reduced benefits subject to a penalty. These ages can be classified in the following manner:

1. normal retirement earliest an employee can retire and receive full benefits, having reached a minimum age with a minimum number of years of service.
2. early retirement earliest an employee can retire, having reached a minimum age and a minimum number of years of service, but with a penalty in the form of a reduction in benefits. The reduction is usually a percentage of benefit subtracted for each month of retirement earlier than the normal retirement age.
3. deferred retirement work beyond the normal retirement age. This may or may not result in an increase of benefits.