(a) Normal retirement age means any age, at the option of the participant, that is within the range of ages:

(1) beginning no earlier than the earliest age at which the participant has the right to retire under the employees’ retirement system and to receive immediate benefits without reduction; and

(2) ending not later than age 70 1/2. However, if a participant continues to work beyond the specified ages, normal retirement age shall not be later than the mandatory retirement age applicable to the participant or the date the participant separates from service with the employer.

(b) The participant shall designate a normal retirement age on the participation agreement or distribution request forms. In the absence of a designation, normal retirement age shall be age 65.

History: Rule 11-87, eff 17 Jun 87.