effective date of retirement

Definition

The date which a retirement plan participant claims as his actual last day of work. This date is used to assess benefits that will be paid out over the benefit period. Members cannot receive benefits without penalty prior to this date.

Use this term in a sentence

We knew the effective date of retirement was coming up and we needed to make our final preparations for it.

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The effective date of retirement was calculated for the employee that had been with the company for over 20 years.

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You should always be shooting for your effective date of retirement so that you know what you have to look forward to.

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