Increase NRA?

Have a 1 participant traditional DB plan that has existed for 4 years. The employer (and participant) never had or never will have any employees. The participant is age 55 and the plan currently has NRA of 62. If the participant's accrued benefit is grandfathered, is there any problem increasing the NRA to 65?

Thanks.

As long as the accrued benefit payable at 62 is protected, there is no problem setting an older age for new accruals.

You may also consider simply changing your actuarial assumption to 65 for valuation purposes.  That would avoid the need to change the plan document.  You will need to also make an assumption regarding suspension of benefits notices (if your plan document calls for them.) 

In other words, for a one life plan you have a lot of flexibility.  You can either actuarially increase the benefit from 62 to age 65 in your funding, or, if permitted, issue a Suspension of Benefits Notice at age 62 and ignore the actuarial increase - assuming they are still active.

If issuing a suspension of benefits notice now would require an amendment, since it wasn't permitted in the original document, would that result in a cutback in benefits?

I am not sure, but i found this old thread that says you can't.

https://benefitslink.com/boards/index.php?/topic/36446-eliminating-actuarial-increase/