| Retirement Benefit
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- Monthly Annuity. Retirement Benefits are paid as a monthly annuity for
the Participant’s lifetime. In the event of the Participant’s death, it may
continue to a beneficiary depending on the option the Participant (and spouse)
chooses at retirement.
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Limit on Compensation. Currently, the Plan limit is $225,000 per year.
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Limit on Benefits. Also, there are limits on the amount of the benefits a Participant can be paid from the Plan each year based on benefits accrued over the Participant's entire career.
- These limits are applied on an "employer-by -employer" basis, which means
that the limits are applied separately to each Employer (along with its affiliated
employers) for whom the Participant has worked.
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