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.
Whether you are Basic or MIP, you can take an early reduced retirement as early as age 55 if you have at least 15 but less than 30 years of service. Your pension amount is permanently reduced by one-half of one percent for each month and fraction of a month you take your pension before age 60 (6 percent per year).