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, Section 18

Section 18. Terminal Illness Benefit.

1. A Participant who meets all of the following conditions shall qualify for a terminal illness benefit:
   
   
   1. The Participant must file an application for such benefit, which application must contain a certification from a physician, legally authorized to practice medicine, that the Participant is both terminally ill and has a life expectancy of less than one year. The Directors shall determine on the basis of such certification whether the terminal illness qualifies for a terminal illness benefit under this section unless the Directors, in their discretion, require the Participant to submit to an examination by a physician selected by the Directors, in which event, the Directors shall determine on the basis of all such medical findings whether the terminal illness qualifies under this section.
      
      
   2. Such application must contain evidence, to the satisfaction of the Directors, that the Participant is not employed in the Industry for a period of thirty (30) consecutive days (which date includes the date of his application) for any Employer in employment covered by this Plan.
      
      
   3. If the Participant is married, the Participant’s spouse must consent to a waiver of the Surviving Spouse Benefit under Article V, Section 4.
      
      
   4. The Participant must not be eligible to retire under any other provision of the Plan.
      
      
2. If the Participant is entitled to a terminal illness benefit as set forth above, the Participant shall receive a lump sum benefit equal to 75% of the amount of the death benefit which would be payable to the Participant’s Beneficiary under Article V, Section 1, if the Participant died on the date the Directors determined the Participant was entitled to a terminal illness benefit. Notwithstanding the preceding sentence, such amount shall not be paid in a lump sum and shall instead be paid in the form of a single life annuity (without any guaranty of a sixty-month-term certain) or a joint and 50% survivor pension, as applicable, commencing when the lump sum would have been paid unless, after receiving a written explanation as set forth in Article IV, Section 9, the Participant consents in writing to a lump sum payment and, if Article IV, Section 9 applies, a spousal consent in the form provided by Article IV, Section 9 is obtained. Any such single life annuity or joint and 50% survivor pension shall be the actuarial equivalent (using the factors in Article IV, Section 11) of the lump sum benefit that would otherwise be paid. The remainder of the Participant’s accrued benefits shall be paid in accordance with subsections (c) and (d) below.
   
   
3. If a Participant receives a terminal illness benefit (whether in the form of an annuity or a lump sum) and dies prior to his Normal Retirement Date, then the Participant’s Beneficiary or spouse shall be entitled to the death benefits under Article V. The amount of any death benefit payable under Article V, Sections 1, 2 and 3 shall be reduced by the amount of the terminal illness benefit lump sum that was paid (or would have been paid in lieu of an annuity). If a Surviving Spouse Benefit is in effect at that time (because the Participant married after the date the terminal illness benefit commenced), the Surviving Spouse Benefit shall be calculated by first reducing the applicable joint and 50% survivor pension by the actuarial equivalent of such lump sum.
   
   
4. If a Participant receives a terminal illness benefit, the remainder of his accrued benefit shall be payable on his Normal Retirement Date if he is then alive. The amount of the Participant’s normal retirement pension shall be reduced by the actuarial equivalent of the lump sum terminal illness benefit which was paid (or would have been paid in lieu of an annuity). Such a Participant may not elect an optional form of benefits under Article IV, Section 4, except that a married Participant may, if the appropriate spousal consent is obtained, elect to receive the normal form of benefits. In addition, the sixty months guaranteed benefit set forth in Article IV, Section 1 shall be reduced, on a dollar-per-dollar basis, by the amount of the terminal illness benefit lump sum which is paid (or would have been paid in lieu of an annuity).