An employee’s retirement age, receiving benefits, either full or reduced. Three types exist: normal, early, and deferred. Normal retirement is the usual time an employee is allowed to retire and receive full benefits. Early retirement is the earliest time an employee is allowed to retire, but receives reduced benefits, with a penalty. Deferred retirement is when an employee works beyond the normal retirement age and likely receive an improved benefits package.

More On This Topic

Link to This Definition
Did you find this definition of MULTIPLE RETIREMENT AGES helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary