My Benefit Estimate Summary Letter mentions a step-down date. What does this mean?

Date Eligible for Unreduced Social Security Benefits

The chart that follows determines the date members are eligible for full Social Security benefits. It also determines the date that members of Plan B or E have their benefits stepped down or reduced. Members can take Social Security early at age 62 with a reduction; however, the ERS does not step down ERS benefits until members are eligible for full Social Security benefits.

For example, members born in 1955 are eligible for full Social Security benefits at age 66 years 2 months. These members can elect to receive Social Security early at age 62; receive full benefits at age 66 years 2 months; receive benefits any time between age 62 and age 66 years 2 months; or receive benefits after eligibility for full benefits. The ERS steps down/reduces benefits at age 66 years 2 months which is the date eligible for full Social Security benefits.