Pension Plan Document PDF (258 KB) Amendments: I  II  III  IV  V VI VII VIII IX X XI XII XIII XIV XV XVI XVII XVIII XIX XX XXI

    

ARTICLE IV

RETIREMENT BENEFITS

Article IV, Section 1  see Amendment I

Section 1. Normal or Late Retirement Benefit.

1. A Participant who retires on a Normal Retirement Date shall be entitled to receive a normal retirement benefit in an amount equal to 47.20% of the total contributions made to the Fund by Employers in respect to such Participant, such annual benefit to be payable in twelve (12) monthly installments; this increase in normal retirement benefit to be paid only on and after January 1, 1999, to all Participants, including those presently retired, but the inclusion of those presently retired shall not establish a precedent for any future increase in the normal retirement benefit.
   
   
2. Such monthly payments shall be paid on the 1st day of each month commencing on the 1st day of the month set for his retirement and continuing thereafter through the 1st day of the month during which his death occurs, or continuing thereafter for fifty-nine (59) additional months, whichever is longer. (In the event a Participant retired prior to January 1, 1968, the sixty (60) month period shall be computed from the commencement of the Participant’s retirement benefit.) See Section 9 of Article IV with respect to the form of payments for married Participants. Such provisions for a payment of the normal retirement benefit for a period of sixty (60) months certain shall not be effective for any Participant who elects an optional form of benefit under Section 4(a)(2)-(5) of Article IV or who receives a joint and survivor annuity under Section 9 of Article IV. Monthly payments under this subsection payable after the death of the Participant shall be paid to his Beneficiary.
   
   
3. The amount of the normal retirement benefit determined under subsection (a) shall not be applicable (unless it is greater) to a Participant whose last Qualified Year prior to his retirement under this Plan was earned as an employee of a Named Employer. In lieu of the amount of the normal retirement benefit computed under subsection (a), such Participant, effective for Participants who retire after January 1, 1968, shall be entitled to a normal retirement benefit in an amount computed by multiplying the Participant’s number of Qualified Years by one-twentieth (1/20th) of the percentage basis specified in subsection (a) times the Participant’s final average annual salary determined on the five (5) consecutive Qualified Years out of the last ten (10) consecutive Qualified Years during which the Participant received the highest annual salary (the “Alternative Formula”). For this purpose, salary shall be the Participant’s compensation as reported on Form W-2. For Participants who retire on or after January 1, 1995, salary shall also include any amounts contributed pursuant to any salary reduction agreements to any plans qualifying under Sections 401(k) or 125 of the Code and excluded from gross income, to the extent that Employer contributions are based on such amounts. For Participants who retire on or after January 1, 2001, salary shall also include any salary reductions pursuant to Section 132(f)(4) of the Code. In all events, however, for purposes of the Alternative Formula, salary shall be limited by Article IV, Section 17.
   
   
4. A Participant who retires on a Late Retirement Date shall be entitled to a retirement benefit determined by adjusting such Participant’s retirement benefit at the end of each of the following “adjustment periods:” (1) the period between the Participant’s Normal Retirement Date and the next following December 31, (2) each complete Plan Year thereafter ending prior to the Participant’s Late Retirement Date, and (3) the period commencing on January 1 prior to the Participant’s Late Retirement Date and ending on the Participant’s Late Retirement Date. Each such adjustment shall be made by increasing the retirement benefit in effect at the beginning of the adjustment period (the normal retirement benefit in the case of the first such adjustment) by the greater of (1) contributions made on behalf of the Participant with respect to employment during the adjustment period multiplied by the factor described in Section 1(a) above and (2) an actuarial increase based on the actuarial factors described below and the number of months in the adjustment period. (In the case of an Employee of a Named Employer whose retirement benefit is based on the Alternative Formula set forth in Article IV, Section 1(c), each such adjustment shall increase the retirement benefit at the end of the adjustment period so that it equals the greater of (1) the amount computed by applying the Alternative Formula at the end of the adjustment period and (2) the retirement benefit in effect at the beginning of the adjustment period (the normal retirement benefit in the case of the first such adjustment) increased by the actuarial factors described below and the number of months in the adjustment period.) The actuarial increases described above shall be .8% per month for the first fifty-nine (59) months after age 65 and 1.2% per month for each month thereafter. The resulting amount shall be the benefit in effect at the beginning of the next adjustment period.
   
   
5. A Participant shall file a fully completed retirement application packet (on forms prepared by the Directors) with the Directors at least thirty (30) days prior to the Normal or Late Retirement Date selected by such Participant for such normal or late retirement benefit to commence.
   
   
6. Unless the Participant elects otherwise, payment of benefits shall begin no later than the 60th day after the later of the close of the Plan Year in which:
   
   
   1. the Participant reaches his Normal Retirement Date; or
      
      
   2. the Participant terminates his employment covered by this Plan.
      
      
A Participant who fails to submit a completed retirement application packet as described in Section 1(e) above shall be deemed to have deferred the commencement of benefits until such packet is submitted; provided, however, that the commencement of benefits may not be deferred to a date later than the Participant’s Required Beginning Date.