Employers are generally free to change retirement plan rules for the future as long as most benefits earned up to the date the plan is changed are protected.

Retirement benefits that are protected up to the date the plan rules change include:

• Pension benefits payable at age 65 or other “normal retirement age”
• The share of a special early retirement benefit earned as of the date of the change – if the employee continues to work under the plan and meets the age and/or service requirements for the benefit

Retirement benefits that are not protected as of the date the plan rules change include:

• Special early retirement benefits if the employee has not met all of the requirements for the benefit as if the date of the rule change and does not continue to work for the employer or employers sponsoring the plan
• Disability benefits if the employee is not receiving the benefits at the date of the rule change
• Lump sum payments if the employee has not qualified for the payment as of the date of the rule change
• Most cost of living adjustments