Pension Plan Document PDF (355 KB)

    

Article IV, Section 2

Section 2. Early Retirement Benefit.

1. A Participant who retires on an Early Retirement Date shall be entitled to receive an early retirement benefit.
   
   
   1. For Participants whose Early Retirement Date is on or after January 1, 2000, there shall be no reduction for commencement on or after attainment of age sixty-three (63). If the Participant has attained age 55 but not 63, 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). If the Participant has attained age 52, but not 55, the annual early retirement benefit shall be an amount equal to the normal retirement benefit payable at age 65 in respect of such Participant reduced by 32% (to reflect payment at age 55) and reduced by an additional 1/2 of 1% for each month the Participant is younger than age fifty-five (55) for commencement prior to the Participant's attainment of age fifty-five (55).
      
      
   2. For Participants whose Early Retirement Date is on or after January 1, 1996, but prior to January 1, 2000, the annual early retirement benefit shall be determined in accordance with the preceding subsection (a)(1), except that no benefits shall be payable if the Participant has not attained age fifty-five (55).
      
      
   3. 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).
   
   
1. 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.
   
   
2. Notwithstanding subsection (c)(1), the second sentence of Article IV, Section 4(c)(2) or the last sentence of Article IV, Section 4(c)(3), a Participant may elect an Early Retirement Date during the period from January 1, 2000 until June 1, 2002, if the Participant meets all of the following conditions: (1) the Participant has not previously retired, (2) the Participant complied with Article IV, Section 6(f) during the month commencing on his Early Retirement Date, (3) the Participant has not attained age 55 by May 1, 2002, and (4) the Participant files a fully completed retirement application packet (on forms prepared by the Directors) with the Directors no later than the Final Election Date. The Final Election Date is the later of May 30, 2002 or, as long as the Participant has filed a completed retirement application by May 30, 2002, the 30th day after the explanation described in Article IV, Section 4(c)(3) is provided to the Participant. Distributions shall not commence prior to the Final Election Date and any election under this subsection (c)(2) shall be irrevocable as of the Final Election Date.