Guest UKH Posted April 9, 2001 Posted April 9, 2001 While restating the document can a Plan change its normal retirement age from say age 55 to age 65? I don't see any problem the other way - from age 65 to age 55 because your benefits are accelerating. I know early retirement is a protected benefit. Does the same rule apply to normal retirement age? Thank you.
Bill Berke Posted April 9, 2001 Posted April 9, 2001 Yes it is a protected benefit. To complicate things, the protection is only for accrued benefits. It is possible to change the NRA for future accruals. Also, in many DC plans, this restriction can be legally overcome. But a lot depends upon plan details that we don't know and the administrator must understand what is going on and what is reguired.
david rigby Posted April 9, 2001 Posted April 9, 2001 Alternatively, the plan can also change NRA (or NRD) only for future participants. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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