Normal And Late Retirement Benefits

Eligibility for Normal or Late Retirement Benefits

A Participant who retires on his or her Normal or Late Retirement Date will be entitled to an annual Normal or Late Retirement Benefit, respectively. A Participant’s Normal Retirement Date is the first day of the month coinciding with or next following the date he is both age 65 and vested. (A Participant’s Late Retirement Date is the first of any month following his or her Normal Retirement Date but not later than April 1 following the year the Participant reaches age 70-1/2.) This means Participants who have less than five Qualified Years when they reach age 65 must have participated in the Plan for at least ten years (or at least five years if those years occur after January 1, 1988 or at least four years if those years occur after January 1, 2003) in order to be eligible to receive a Normal or Late Retirement Benefit (see Vesting).

Example 1:

Writer A has accrued five Qualified Years and reaches age 65 on June 15, 1999. Writer A’s Normal Retirement Date is July 1, 1999.

Example 2:

Writer B has accrued eight Qualified Years and reached age 65 on August 2, 1991. He started participating in the Plan on January 1, 1980, and has not incurred a permanent Break in Service. Writer B’s Normal Retirement Date is September 1, 1991: the first of the month following the date he has both attained age 65 and completed ten years of participation, uninterrupted by a permanent Break in Service.

Example 3:

Writer C has accrued three Qualified Years and reaches age 65 on March 20, 1999. Her participation in the Plan started January 1, 1995, and she has not incurred a permanent Break in Service. Writer C’s Normal Retirement Date is January 1, 2000: the first of the month following the date she has both attained age 65 and completed five years of participation after January 1, 1988.

REMEMBER: You are only eligible to receive benefits at age 65 with less than five Qualified Years if you have not lost your Qualified Years through a Permanent Break in Service.