Early-Retirement Benefits

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Early-Retirement Benefits

The benefits from a pension or government program one receives after early retirement. Most pensions and government programs pay benefits based on how much an individual contributes to the system during his/her working life. That is, people who work longer (and/or earn more) contribute more than those who do not. As a result, early-retirement benefits are usually less than benefits for those who retire at full age.
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Those contributions can be discretionary, formula-based or tied to various performance factors and can include various provisions such as vesting, early retirement benefits, change-in-control benefits and pre-retirement death benefits.
The head of Lufthansa's main cabin crew union said strikes at the carrier are now "unavoidable", after the union reviewed the latest proposals on pensions and early retirement benefits from management.
To avoid inadequate early retirement benefits, some proposals gradually increase the earliest eligibility age from 62 to 65.
The treatment of qualified plan early retirement benefits is of concern because they must be valued for funding purposes.
Wilks and Longmire agreed that "to deliberately and knowingly try to prevent employees from attaining their severance and early retirement benefits is not only unlawful under ERISA, but a complete slap in the face to lifetime employees.
The proposal would also require employers that had heavily subsidized early retirement benefits in the past to continue adding to the subsidy.
The supplemental benefits represented early retirement benefits granted to employees affected by a reduction in B's work force.
The contract also calls for hikes in early retirement benefits, increased wage and lump-sum payments totaling $10 million, special job security provisions, and an extended apprenticeship program that would permit Caterpillar to employ up to 45 percent of its work force as apprentices at reduced rates during their training period.
Among the reforms Foster cited as important for America's retirees were 1) raising the PBGC maximums, particularly for younger workers forced into early retirement, 2) providing the PBGC guarantee for early retirement benefits, 3) reforming the phase-in rule, and 4) guaranteeing retiree health insurance benefits.
Given the early retirement benefits and separation benefits provided many of the original workers, reconstituting the prior government organization would be very difficult.
Several recent cases in different circuits have addressed the interpretation of ERISA Section 204(g), regarding the prohibition on plan amendments reducing accrued benefits (the anti-cutback rule) and its application to early retirement benefits.
Besides increasing early retirement benefits, the settlement boosts the monthly pension rate from $30 to $37 for each year of credited service.
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