Multiple Retirement Ages

Multiple Retirement Ages

Multiple Retirement Ages means:
an arrangement under Social Security whereby an employee can retire at specific ages and receive benefits without reduction, or receive reduced benefits subject to a penalty. These ages can be classified as follows:

1. Normal Retirement. The earliest time at which an employee can retire and receive full benefits, having reached a minimum age with a minimum number of years of service.

2. Early Retirement The earliest time at which 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, usually with an increase in benefits.


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