"Public employee retirement is responsive to program eligibility focal points--in particular becoming eligible for the plan's early retirement benefit
through one's age and years of service," the study found.
He also points out that in May 1981, Reagan tried to do too much too soon by proposing a 31-percent cut in Social Security's early retirement benefit
, which would have taken effect in January 1982.
Forty employees - both union and nonunion - have applied for an EWEB-offered early retirement benefit
, utility spokesman Joe Harwood said.
A voluntary early retirement incentive plan is a plan under which payments are made in coordination with a defined benefit pension plan as an early retirement benefit
. The second requirement is that the amount payable must not exceed two times the participant's annualized compensation for the calendar year preceding the calendar year in which the participant has a severance from employment.
Under the changes to Social Security law, anyone who applies for an early retirement benefit
or a spousal benefit is "deemed" to have applied for any and all available benefits.
For workers born 1955 and later, the early retirement benefit
will be less than 75%.
The value placed on lifestyle quality, the sense of place and a sense of purpose is far greater than can be quantified by an early retirement benefit
. A concerted educational effort to address the emotional issues must also be implemented.
As a result the company argues the former employees do not qualify to receive early retirement benefit
which has more enhanced benefits than a simple cash withdrawal benefit.
Eliminate provisions that allow an employee with a minimum of 20 years' service to receive an early retirement benefit
of one-third of the average of their highest three earning years, if they are fired for no fault of their own.
(4) In certain cases, eligibility for early retirement benefit
In addition, if at the time of the conversion, any of your participants have met the age, years of service, and other requirements for an early retirement benefit
or a retirement subsidy, then the value of these benefits must be recognized in calculating the participant's benefits under the plan.
"If the subsidized benefits are not treated as a subsidized early retirement benefit
, should the subsidized benefits be treated as a part of the participant's accrued benefit, or is there some other characterization of the subsidized benefits?" IRS officials ask.