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UFCW LOCAL 1776 and PARTICIPATING EMPLOYERS PENSION  FUND

Eligibility for Benefits

How much will I receive if I elect to receive an Early Retirement Pension? Your Early Retirement benefits will be reduced by one-half of one percent (1/2%) for each month your Early Retirement Date precedes your Normal Retirement Age. This reduction is taken to reflect the fact you will be receiving payments over a longer period of time than if the payments had started at your normal retirement age. For example, if you retire at age 65, you will receive 100% of your monthly benefit (paid in the form of a Single Life Annuity), but if you retire at age 55, you will only receive 40% (paid in the form of a Single Life Annuity) of the monthly benefit that you would have received had you chosen to retire at age 65 with the same amount of service. This reduced amount is not increased once you reach your Normal Retirement Age. Below is the table of Early Retirement reduction factors at various ages:

Age at Retirement	Percentage of Monthly Benefit Received at age 65
65	100.0%
64	94.0%
63	88.0%
62	82.0%
61	76.0%
60	70.0%
59	64.0%
58	58.0%
57	52.0%
56	46.0%
55	40.0%

(Note: if your Early Retirement Pension is paid in a form other than a Single Life Annuity, it will also be subject to the actuarial adjustment required to give you an equivalent benefit.)

Example Assume in the prior example that Lee elects to retire on May 1, 2001 at age 59. Lee's monthly Early Retirement Pension payable immediately, in the form of a Single Life Annuity, would be calculated as follows: $702.00 * 64.0%=$449.28