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Old 11-10-2017, 10:58 AM
aj496771 aj496771 is offline
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Join Date: Dec 2013
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Default Late Retirement Increases

I am just wondering how other firms are dealing with late retirement increases on plans (assuming no more benefit accruals). Most of our Plans have the normal N / N approach for the increase but one of our plans (effective over 40 years) states that their Late Retirement increase we just take their 65 benefit, convert to a lump sum & increased with interest to the current age, and then divide by an annuity at the new age. This seems to fall in line with a letter from the Academy to the PBGC dated 1/13/15 from Michael Pollack but does anyone know if there ever was a response to this letter? Does anyone else have any plans where this is the increase? Our worry is that the benefits are smaller than the normal N / N approach because they are not getting increased for survivorship and all late retirees are not getting their full benefit when they are retiring
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