Three examples: Which is for me? - Hourly Video Transcript
Now let’s take a look at three examples of retirees’ benefits to see how the legal limitations affect the benefit calculations for your plan. Each example is based on a particular retirement type, but may help you understand how the limits will affect other retirement types.
Our first example is a participant who took the Voluntary 60 & 10 Retirement, and who is older than age 62 on July 31, 2009, which is the date of plan termination, or DoPT. This example will also be useful to those who took Normal Retirement, or Deferred Vested Retirement, or who took other types of retirement, but were no longer receiving a supplement.
Our second example is a participant who took the 30 Year Retirement and was younger than age 62 and 1 month at DoPT. This example will also be useful to those who took the Rule-of-85 Retirement or the Voluntary 60 & 10 Retirement and were still receiving supplements at DoPT.
Our third and final example is a participant who took the Mutually Satisfactory Retirement when he was laid off after the plant where he worked closed in 2005.
This example may not apply to you if you took a Mutually Satisfactory Retirement under a Special Attrition Program in 2006 or 2007.