Many state judicial systems have mandatory retirement ages
Congress also should raise the qualifying retirement ages
beyond those already legislated and increase the limits on earnings for retirees.
In December, President Clinton foolishly appeared to rule out reform of federal pension benefits, including the establishment of a later retirement age
for civil servants.
While in Mirza the challenge was limited to the preretirement interest rate assumption, in Vinson and/or Wachtell the IRS challenged pre- and postretirement interest rates, retirement age
, expense loads and the use of a particular mortality table.
Blakey announced that the FAA will issue a formal Notice of Proposed Rulemaking (NPRM) later this year that calls for raising retirement age
to 65 and will publish a final rule after considering all public comment.
Employers should be preparing for the abolition of the Default Retirement Age
(DRA) from October 1, 2011, which will change how they deal with people approaching retirement age
from April 6, 2011, writes Ian Hill Pension Technical Manager at Torquil Clark.
Victoria Lloyd, Director of Influencing and Programme Development at Age Cymru said: "We are delighted that common sense prevails and that the UK Government will scrap the default retirement age
recognising the rights of older people to continue to work should they wish to do so.
The government is also creating a new right for people to work beyond the compulsory retirement age
, which employers will have a duty to consider.
The investment return on assets and the retirement age
are the two assumptions currently under investigation by the Service.
Thus, increasing the normal retirement age
lowers benefits at all early retirement ages
and provides new financial incentives to remain on the job longer.
Other safety-sensitive occupations in the United States also have mandatory retirement ages
, including air traffic controllers, who must retire at age 56.
Age Concern and Help the Aged said the use of mandatory retirement ages
had "soared" during the recession and was much higher than in 2006 when the so-called default retirement age