If you've ever received information on your company pension-you may have seen a term in the fine print, "social security integration".   This will impact your pension payout and according to the AARP, half of employers that provide pensions use this calculation.  The AARP explains "social security integration" and other pension facts.

The first phrase you need to commit to memory is "Social Security integration." Yeah, it's a doozy. Say it out loud several times so you don't forget. The phrase signifies that your company uses a tricky formula to calculate your pension that in effect mingles projected Social Security earnings with your company benefit to make your future look rosier than it really is. "It can be completely devastating," says Hotz. For example, if your pre-retirement company statement tells you you're going to get, say, $1,000 a month as a pension, and Social Security tells you you're going to get $1,000 a month, you may logically conclude that you'll get $2,000 a month to live on. Instead, with Social Security integration, you could be looking at $1,500, since pension pay is reduced by up to 50 percent of the amount of Social Security you receive. About half of all companies use Social Security integration.