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 2    see Amendment I

Section 2. Early Retirement Benefit.

1. A Participant who retires on an Early Retirement Date shall be entitled to receive an early retirement benefit. For Participants whose Early Retirement Date is on or after January 1, 1996, the annual early retirement benefit shall be an amount equal to the normal retirement benefit determined under Section 1 of Article IV in respect of such Participant reduced by 1/3 of 1% for each month the Participant is younger than age sixty-three (63) for commencement prior to the Participant’s attainment of age sixty-three (63); there shall be no reduction for commencement on or after attainment of age sixty-three (63). For Participants whose Early Retirement Date is prior to January 1, 1996, the annual early retirement benefit shall be an amount equal to the normal retirement benefit determined under Section 1 of Article IV in respect of such Participant reduced by 1/2 of 1% for each month the Participant is younger than age sixty-five (65) for commencement prior to the Participant’s attainment of age sixty-five (65). All such annual early retirement benefits shall be payable in twelve (12) equal monthly installments.
   
   
2. Such monthly payments shall commence on the first day of the month set for his early retirement and shall be made in accordance with Article IV, Section 1(b).
   
   
3. 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 Early Retirement Date selected by such Participant for such early retirement benefit to commence.