An Early Retirement Benefit is available to an eligible participant who is between the ages of 60 and 64. There are two kinds of Early Retirement Benefits: Early Retirement and Reduced Early Retirement. The kind of Early Retirement Benefit a participant is eligible for depends on age, effective date and the number of years a participant has been out of covered employment. Each participant’s work history is different. To find out what type of Early Retirement Benefit a participant may be eligible for, the participant should contact the NEBF office directly.

Early Retirement Benefit: A participant is eligible to receive an Early Retirement Benefit, when they meet the following requirements:

A participant’s Early Retirement Benefit is determined on their base amount and there is no reduction based on the participant’s age. Depending on the type of payment option a participant chooses, their benefit amount may be reduced.

The other type of Early Retirement Benefit available is the Reduced Early Retirement Benefit. Each participant’s work history is different. To find out what type of Early Retirement Benefit a participant may be eligible for, the participant should contact the NEBF℠ office directly.

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A participant is eligible to receive a Reduced Early Retirement Benefit at age 62, 63, or 64 when theymeet the following requirements:

• The participant is vested, and
• The participant is age 62, 63, or 64, and
• The participant did not work for a covered employer for 300 or more hours in any of the seven calendar years immediately before the later of:
  • The month following the receipt of their application, or
  • The month following their retirement from the electrical industry, or
  • The month of their 62nd birthday.

A participant's Reduced Early Retirement Benefit is determined on their base amount. There is a reduction based on the participant's age at their effective date. The participant's benefit amount will be reduced by 6.67% for each year or partial year the participant is under the age of 65 at theireffective date. The reduction percentages are as follows below:

• At age 62: Your benefit amount will be reduced by 20%
• At age 63: Your benefit amount will be reduced by 13.33%
• At age 64: Your benefit amount will be reduced by 6.67%

Depending on the type of payment option a participant chooses, their benefit amount may be further reduced.

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Reduced Early Retirement Benefit at Age 60 or 61

A participant is eligible to receive a Reduced Early Retirement Benefit at age 60 or 61 when they meet the requirements in either A or B below:

A participant's Reduced Early Retirement Benefit is determined on their base amount. There is a reduction based on the participant's age at their effective date. The participant's benefit amount will be reduced by 9.25% for each year or partial year the participant is under the age of 62 at their effective date. The reduction percentages are as follows below:

• At age 60 - Your benefit amount will be reduced by 18.5%.
• At age 61 - Your benefit amount will be reduced by 9.25%.

Depending on the type of payment option a participant chooses, their benefit amount may be further reduced.

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