Retirement Age
Definition of "Retirement age"
Age at which a pension plan participant is entitled to receive retirement benefits, or point at which retirement benefits are payable: normal retirement age is the earliest age permitted to retire and receive full benefits; early retirement is earlier-than-normal age permitted to retire provided attained minimum age and service requirement are met, but there is a proportionate reduction in benefits: deferred retirement age beyond automatic retirement age permitted to retire, usually with no increase in benefits; automatic retirement age is age at which retirement is automatically effective.
Popular Insurance Terms
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