The earliest age at which an employee can retire without a penalty reduction in pension benefits, typically after meeting minimum age and service requirements. Historically, set at 65 years but varies by pension plans.
Retirement age is the designated age at which an individual becomes eligible to retire and begin receiving retirement benefits. This can include several variations such as normal, early, deferred, and automatic retirement.
The entitlement of a pension plan participant to receive full benefits upon reaching the normal retirement age or a reduced benefit upon early retirement, regardless of their employment status with the same employer.
