cash balance plan retirement age

[Guest mrsactuary]

I thought I read somewhere that under PPA a cash balance plan can have a low (as compared to normal required of age 62) retirement age. I have a plan that needs to amend the retirement age (change it from age 55 retirement to age 62).

Can we convert it to a cash balance plan and have a low retirement age? The owner (only participant) wants to start collecting as soon as possible; hence the low retirement age requirement.

Is there any easy way out? Any suggestions?

[John Feldt ERPA CPC QPA]

Notice 2007-69:

http://www.irs.gov/irb/2007-35_IRB/ar16.html

I don't see anywhere in the above notice that distiguishes a different application toward a traditional plan than for a cash balance plan.

Have you looked into an early retirement option?

[ak2ary]

Cash balance plans were among the prime targets for the changes to the NRA rules. There is no provision for their's to earlier than a traditional plan. If its a one person plan and the only participant wants to get paid, why wouldnt you terminate the plan?