I thought I read somewhere that under PPA a cash balance plan can have a low (as compared to normal required of age 62) retirement age. I have a plan that needs to amend the retirement age (change it from age 55 retirement to age 62).

Can we convert it to a cash balance plan and have a low retirement age? The owner (only participant) wants to start collecting as soon as possible; hence the low retirement age requirement.

Is there any easy way out? Any suggestions?

Notice 2007-69:

http://www.irs.gov/irb/2007-35_IRB/ar16.html

I don't see anywhere in the above notice that distiguishes a different application toward a traditional plan than for a cash balance plan.

Have you looked into an early retirement option?

Cash balance plans were among the prime targets for the changes to the NRA rules. There is no provision for their's to earlier than a traditional plan. If its a one person plan and the only participant wants to get paid, why wouldnt you terminate the plan?