TN 10 (09-90)

RS 01402.320 Retirement And Pre-Retirement Pay Criteria

POLICY

1. Retirement Pay

These payments are generally made at regular intervals, for life, and based on the employee having met one or more of the following criterion:

  • Attained a specified age; or

  • Worked for the employer a required number of years; or

  • Discontinued or substantially reduced his/her services to the employer.

2. Pre-Retirement Leave

Some employers, hoping to encourage early retirement, offer their employees pre-retirement leave payments which normally represent a percentage of the employee's regular pay.

Plans providing for such payments are generally based on:

  • The employee having met a length of service requirement; or

  • Payments being made for a limited time immediately prior to and up to the retirement date; or

  • The employee having stopped all work for the employer, is not on standby or subject-to-call, and is not expected to return to work; or

  • Benefits such as medical protection are continued, and amounts paid prior to normal retirement are counted in determining the benefit amount.


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0301402320
RS 01402.320 - Retirement And Pre-Retirement Pay Criteria - 02/14/1995
Batch run: 01/27/2009
Rev:02/14/1995