Normal retirement

Normal retirement

The age or number of working years after which a pension plan beneficiary can retire and receive unreduced benefits immediately.

Normal Retirement

A situation in which a worker stops working and is eligible to receive benefits from a pension or other retirement plan without having to pay back taxes and/or a penalty. Normal retirement may occur at a certain age, such as 65, and/or after a certain number of years working for the company.
References in periodicals archive ?
The payout will not exceed 80% of gross salaries which would be paid to any staff member from the date of the gratuitous amount until the date of their normal retirement.
MORE than two-fifths of people in Ireland expect to work beyond the normal retirement age, a survey released yesterday showed.
HONG KONG * Hong Kong Cardinal John Tong Hon has said he has been told by the Vatican he will not be allowed to participate in this fall's hotly anticipated Synod of Bishops on family life because he is 76 years old, one year past the normal retirement age of bishops.
The normal retirement age in Bulgaria will gradually rise to reach 65 years for both men and women in 2037, parliament has decided.
Finn is 62, 13 years short of the normal retirement age of 75.
Do I have to wait until I am 65 which would have been the normal retirement age to get this?
The theory dates to 1851 and says if a group enters the labor market -- or in this case, remains in it beyond their normal retirement date -- others will be unable to gain employment or will have their hours cut.
These days there is no normal retirement age and there are laws in place to allow you to keep working beyond age 65 if you want to and are capable of continuing.
With the abolition of the DRA, employees are likely to work past their normal retirement age.
Until then the current status regarding retirement is broadly that: Retirement is potentially as fair reason for termination of employment; compulsory retirement of an employee at or over the age of 65 is not age discrimination and an employee has the right to request to work beyond his or her normal retirement age, but not the right to work.
A health board spokesman said: "In line with the current Betsi Cadwaladr University Health Board's Retirement Policy, agreed in partnership with trade unions, it is the responsibility of the health board to write to its employees at least six months prior to their normal retirement date, giving them the right to request not to be retired.
The normal retirement age for public sector workers should be the same as state pension age (66 by 2020), apart from members of the armed forces, police and firefighters (retirement age raised from 55 to 60).