To Receive an Early Retirement Pension, in a Reduced Amount, You Must Be:
at least age 62 (but less than 65)
An Early Retirement Pension is based on your Regular Pension amount but is reduced in order to allow you to take your Pension early. This reduction is 5/9th of 1% (approximately .0056) for each month that you are younger than age 65 on your Pension Effective Date.
Example: If you are exactly age 62 with 22 Pension Credits and wish to retire with an Early Retirement Pension , your Early Retirement Pension per month would be:
Basic Pension Amount: $40 x 22 = $880
Subtract Early Retirement Adjustment: Age 65 – Age 62 = 36 months
36 months x .0056 (5/9 of 1%) = .20
.20 x $880 = $176
Early Retirement Pension Payable: $880.00 – $176
= $704 per month
Once you elect an Early Retirement Pension, your monthly amount is set based on the above formula and will not increase as you attain age 65.
If you take an Early Retirement Pension with more than 25 Pension Credits, you will still qualify for Supplemental Pension Amounts. Your Supplemental Pension Amount will be reduced by the same Early Retirement Adjustment.