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.
Regular retirement is available at age 60 with no minimum service requirement. Early retirement is available at age 55 with at least 10 years of service. When Eligible: Faculty and Professional Staff must participate in the mandatory retirement plan after one year of service in an eligible position.