This is a provision that allows you to retire with benefits beginning
immediately if you have ten years of service and have reached the Minimum
Retirement Age (at least 55). However, the annuity is reduced for each month you
are under age 62. The reduction equals five percent per year (or 5/12 of one
percent per month). To avoid the reduction, you can postpone payment. You can
later apply for the benefit by writing to us or filing an "Application for
Deferred or Postponed Retirement," Form RI 92-19. You should submit the form two
months before you want the benefit to begin.
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