Health Care Reform: Safe Harbor for Determining Full-Time Employee Status. New guidance has been issued on two requirements under the Patient Protection and Affordable Care Act (the Act) that will become effective in 2014.
Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit.
In some cases, you can retire at age 62 with a monthly benefit that isn't reduced (see the Early retirement factors chart). Retirement before age 65 is considered an early retirement. 1  Plan 2 members: You can retire as early as age 55 with a reduced benefit if you have at least 20 service credit years.2  Plan 3 members: You can retire as early as age 55 with a reduced benefit if you have at least 10 service credit years.lan 2 members: If you have at least five years of service credit, you are eligible for normal retirement at age 65. Plan 3 members: If one of the following is true, you are eligible for normal retirement at age 65: 1  You have at least 10 service credit years.