What if I need fewer than two additional years of age to reach the maximum age factor?
The maximum age factor anyone can receive is 2.4 percent, including the career factor and/or retirement incentive. For members needing fewer than two additional years to reach the maximum, the amount of the age factor that is less than 2.4 percent will be added to their age factor until they reach the maximum. Employers are only required to pay for the actual increase in the benefit amount.
Related Questions
- What would be the age to be used for commutation of additional commutable pension and which factor would be used for such additional commuted value of pension?
- Can an adult child who reached the previous maximum age be added back onto his or her parents’ policy until they reach age 26?
- What if I need fewer than two additional years of age to reach the maximum age factor?
