§ 601. Early retirement income.

A.

Eligibility. For Participants whose Employment began prior to July 1, 2018, a Participant, who attains fifty-five (55) years of age while a contributing Participant or while on Long-Term Disability, shall be entitled to receive the vested portion of that Participant's Early Retirement Income, as calculated in accordance with Subsection 601.B hereof and in accordance with the vesting rules in Section 401 hereof. For Participants whose Employment began on or after July 1, 2018, a Participant, who attains sixty (60) years of age while a contributing Participant or while on Long-Term Disability, shall be entitled to receive the vested portion of that Participant's Early Retirement Income, as calculated in accordance with Subsection 601.B hereof and in accordance with the vesting rules in Section 401 hereof.

B.

Benefit Formula. For Participants whose Employment began prior to July 1, 2018, the amount of Early Retirement Income shall be calculated by the formula for computing a Normal Retirement Income as described in Section 600 hereof, except the calculations of Normal Retirement Income in accordance with Section 600 hereof shall be reduced by two and one-half percent (2.5%) for each year which the early retirement date precedes the otherwise Normal Retirement Date of the Participant, with a proportionate reduction for each month of early retirement which is less than a full year. For Participants whose Employment began on or after July 1, 2018, the amount of Early Retirement Income shall be calculated by the formula for computing a Normal Retirement Income as described in Section 600 hereof, except the calculations of Normal Retirement Income in accordance with Section 600 hereof shall be reduced by six percent (6.0%) for each year which the early retirement date precedes the otherwise Normal Retirement Date of the Participant, with a proportionate reduction for each month of early retirement which is less than a full year.

C.

Rule of Eighty (80). Effective on and after August 1, 1996, any Participant who is contributing to the Plan and whose years of Continuous Employment, measured in full years and completed months, when added to the Participant's age, measured in full years and completed months, equals or exceeds eighty (80), shall be entitled to receive an Early Retirement Income without the reduction described in Subsection 601.B hereof. This provision applies only to Participants who began Employment prior to July 1, 2018.

D.

Rule of Ninety (90). Any Participant whose Employment began on or after July 1, 2018, who is contributing to the Plan and whose years of Continuous Employment, measured in full years and completed months, when added to the Participant's age, measured in full years and completed months, equals or exceeds ninety (90), shall be entitled to receive an Early Retirement Income without the reduction described in Subsection 601.B hereof.

(Ord. Nos. 18103, 18782; Ord. No. 23848 , § 2, 1-24-2018)