Pension Plan Document PDF (355 KB)

    

Article IV, Section 12

Section 12. Vested Benefits.

1. Effective January 1, 1998, each Participant shall have a vested interest in his retirement benefit when he has accumulated five (5) Qualified Years. A vested Participant shall be entitled to a normal retirement benefit payable in accordance with Section 1 of Article IV commencing on the Participant's Normal Retirement Date, or, if the Participant so elects, an early retirement benefit payable in accordance with Section 2 of Article IV, commencing on an Early Retirement Date. If the Participant attains his Normal Retirement Age prior to a Break in Service, he shall also be vested and entitled to a normal retirement benefit payable in accordance with Section 1 of Article IV commencing on his Normal Retirement Date.
   
   
2. A Participant shall have a vested interest in his retirement benefit when he has accumulated seven (7) Qualified Years (prior to January 1, 1995, ten (10) Qualified Years), provided that only five Qualified Years shall be required to be vested in the case of a Non-Bargaining Unit Participant who is credited on or after January 1, 1989 with one hour of service at a time when the Participant (1) has accumulated five or more Qualified Years and (2) is a Non-Bargaining Unit Participant. A Participant who is not vested and has a Break in Service prior to January 1, 1998 shall be terminated as a Participant on the date such Break in Service occurs. Except as provided in Article V, Section 1, the interest, including all Qualified Years (for all purposes, including whether the Participant vests by virtue of the vesting changes in subsection (a)) and accrued benefits, of such a terminated Participant in the Fund as of the Break in Service shall be forfeited and the amount of such benefit shall thereafter remain in the Fund as a part thereof. The foregoing rules shall not apply with respect to Breaks in Service occurring on or after January 1, 1998; however, any benefits and service forfeited with respect to a Break in Service occurring prior to January 1, 1998 shall remain forfeited.