English to Polish Bus/Financial Law (general) retirement plan

Does your defined benefit (DB) plan provide actuarial increases to participants who work beyond normal retirement age? It's a nice gesture, but you may be in for a shock. Many people in recent years have chosen to delay their retirements because of the poor economy or simply because people are living longer, and it doesn’t take long for an actuarial increase to make a modest pension benefit look like a lottery jackpot.

DB plans are required to provide an actuarial increase on the normal retirement benefit unless the participant receives a Suspension of Benefits notice shortly before their normal retirement date, saying that their pension payments will be suspended as long as they continue working. Furthermore, even if suspension notices are provided, plans must provide an actuarial increase to benefits beyond age 70½ (even if the plan has changed its Required Minimum Distribution age to 72).

What's an actuarial increase?
An actuarial increase is sort of the opposite of an early retirement factor, which reduces the benefit to compensate for it being paid over a longer timeframe. An actuarial increase compensates for the benefit being paid over a shorter timeframe. For example, a $500 monthly pension starting at age 65 would be equivalent to a larger benefit starting at a later age: