415(b) limits

[Gary]

Say a person has a SSNRA of 66 and retires at age 55. Say his accd ben is the limit of 135,000 and the 415 early ret maximum benefit is 60,000. It appears that we then would have to compute the plan early ret benefit and limit it to 60,000. However, should I take the 135,000 and multiply it by an early ret factor and compare to 60,000 or should I reduce the 135,000, since the plan NRD is earlier than SSNRA and then multiply the reduced amount by the early ret factor and compare it to the 60,000? Curious to hear any thoughts on this.