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Pension Plan |
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CERF Pension Plan
Early Retirement
If you are vested and no longer employed by any of the CERF
counties, you may begin receiving your benefit as early as age 55.
However, if you terminate county employment prior to age 55 and
begin drawing a benefit between ages 55 and 591/2, the Internal
Revenue Service will impose an additional 10% tax on your benefit.
The amount of your monthly pension will be reduced because you will
be receiving your benefits earlier and over a longer period of time.
The amount of the reduction depends on the age at which you begin
receiving benefits and whether you left CERF-covered employment
before, or after, age 55.
The early retirement factors for receiving benefits prior to age 62
are listed in the table below.
* Factor for participants who are vested in their benefits, but
terminate after December 31, 1999, and before reaching age 55.
To illustrate how your early retirement benefit is calculated,
assume you elect to terminate county employment and retire at age 59. If your normal retirement
benefit would have been $6,000 each year, your early retirement
benefit starting at age 59 is calculated as follows:
$6,000 (Normal Retirement Benefit) x .820 (Early
Retirement Factor) =
$4,920 (Annual Benefit)
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