DIAMOND STATE PORT CORPORATION BENEFITS - EARLY RETIREMENT
EARLY RETIREMENT:
- With Reduction - A Participant may retire at any time on or after the Participant's Early Retirement Date and receive a pension at the annual rate of 1 3/4 percent of the Participant's Final Average Base Salary multiplied by the Participant's Years of Credited Service, maximum 30 years, but such benefit shall be reduced by the full or partial calendar months by which the Participant's benefit commencement date precedes the earlier of the Participant's Normal Retirement Date or the date the Participant would first be eligible for unreduced benefits under the Rule of 90 based on the Participant's credited service at time of retirement.
- Rule of 90 - A Participant may retire at any time on or after the Participant's Early Retirement Date and receive a pension at the annual rate of 1 3/4 percent of the Participant's Final Average Base Salary multiplied by the Participant's Years of Credited Service, a maximum of 30 years, without reduction by a factor related to the time preceding the Participant's Normal Retirement Date, provided that the total of the Participant's age, which shall not be less than 55 years, plus number of Years of Credited Service is 90 or more.
