Common use of Early Retirement Reduction Factors Clause in Contracts

Early Retirement Reduction Factors. Years of Age Prior to Normal Retirement Date Reduction Factor 1 93 % 2 86 % 3 79 % 4 72 % 5 65 % 6 58 % 7 51 % 8 48 % 9 45 % 100% Joint & Survivor Annuity Reduction Factors at Normal Retirement Date Spouse Years of Age Younger Reduction Factor 0 85.75 % 1 84.97 % 2 84.26 % 3 83.45 % 4 82.71 % 5 82.04 % 6 81.32 % 7 80.56 % 8 79.87 % 9 79.19 % 10 78.53 % Actuarial Equivalence Mortality Prior to Normal Retirement Age: 1983 Group Annuity Mortality for males or females After Normal Retirement Age: 1983 Group Annuity Mortality for males or females Interest: To Calculate Lump Sum Payment or Actuarial Increase for Late Retirement Prior to Normal Retirement Date: 6.0% per annum After Normal Retirement Date: 6.0% per annum XXXXXXXX X TO EMPLOYMENT AGREEMENT FOR XXXXXXX XXXXXXXXX