Unreduced Early Retirement

85 Factor

Marcel retires in 2010 at age 58 with 33 years of Pensionable Service. His Highest Average Pensionable Earnings (HAPE) are $44,000.

His age (58) plus Pensionable Service (33) is equal to 91 which entitles him to the 85 factor.

Therefore, his pension will not be reduced for retiring early.

Note: Because Marcel's HAPE of $44,000 is below the AYMPE of $44,840, only the 1.3% portion of the formula up to the AYMPE is used.

Marcel's pension payable from age 65:
1.3%	x	$44,000	x	33 years of Pensionable Service (PS)	=	$18,876.00
Annual Lifetime pension from age 65					=	$18,876.00
plus Bridge Benefit paid to age 65:
0.7%	x	$44,000	x	33 years of PS	=	$10,164.00
Annual pension up to age 65					=	$29,040.00

December 2009