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Reemployment After Retirement

If a Participant is receiving retirement benefits under this Plan and is subsequently reemployed in the type of employment for which Employer contributions are required to be made to the Plan, the Participant may be entitled to additional pension benefits. Therefore, the Participant should notify the Directors of this employment within one month after acceptance of such employment to ensure that benefits will be properly adjusted. Please be sure to review pay stubs or statements to ensure that any Employer for which the Participant works is making contributions on his or her behalf. A Participant will continue to receive his or her monthly benefit from the Plan during periods of such reemployment.

Second Retirement Benefits

If a Participant has an Early Retirement DateA Participant reaches his or her Early Retirement Date on the first day of any month prior to his or her Normal Retirement Date on which he or she elects to retire, provided that the Participant has both attained age 52 and has a vested retirement benefit. under the Plan and returns to work in covered employment, he or she will be entitled to additional benefits (Second Retirement Benefits) on his or her Second Retirement Date. A Second Retirement Date may not be earlier than the first of the month following the Participant's 65th birthday (unless the birthday falls on the first of the month, in which case it will be on the 65th birthday). If a Participant returns to work after age 65, then the Second Retirement Date may not be earlier than the January 1 following the first time he or she returns to work after his or her Early Retirement Date. Contributions made on the Participant's behalf after his or her Early Retirement Date and before the Second Retirement Date, are reflected in the benefit upon completion of a Second Retirement Benefit Application. In the Second Retirement Benefit Application, the Participant will have the opportunity to elect a retirement benefit payment option with regard to these additional benefits. This election only applies to the Second Retirement Benefit and does not affect the payment option elected for the Early Retirement Benefit.

A Second Retirement DateA Participant reaches his or her Second Retirement Date on the first day of any month after his or her Early Retirement Date on which he elects to retire, provided that the Participant has attained age 65 and has accepted employment after the Early Retirement Date before age 65, or, if later, the January 1 following the first date the Participant accepts employment after the Early Retirement Date (effective January 1, 2002). In no event, however, will such date be later than the Participant's Required Beginning Date (i.e., generally the April 1 following the calendar year in which the Participant reaches age 70-1/2). is the first of the month coinciding with or next following the later of the Participant's 65th birthday or January 1 as described above. If a Participant's completed Second Retirement Benefit Application is not received by the Administrative Office at least 30 days, but not greater than 180 days in advance of the Second Retirement Date, the Participant will have a Late Second Retirement Date. The Second Retirement Benefit will be actuarially increased to reflect this delay in the payment of the benefit, but no retroactive active benefit will be paid.

Example A:

Connie retired early, has returned to work in covered employment, and turns 65 on November 27, 2012. The Administrative Office sent her a Second Retirement Benefit Application. Connie completes and returns the Application to the Administrative Office on October 21, 2012. Connie will have a Second Retirement Date of December 1, 2012.

Example B:

Connie, from Example A, does not return her completed Application to the Administrative Office until February 2, 2013. Her Late Second Retirement Date will be April 1, 2013 (the first of the month following the expiration of at least 30 days). Her Second Retirement monthly benefit will be increased to account for the delay in the start of the benefits. No retroactive benefit will be paid.

Example C:

Jane retired early, turned 65 on November 27, 2009 and has returned to work in covered employment for the first time in 2012. The Administrative Office sent her a Second Retirement Benefit Application. Jane completed and returned the Application to the Administrative Office on November 21, 2012. Connie will have a Second Retirement Date of January 1, 2013.

If a Participant submits a completed Second Retirement Benefit Application to the Administrative Office, but passes away before the Second Retirement Benefits commence, the Second Retirement Benefits will be paid in accordance with the Second Retirement election on the Application. No Pre-Second Retirement Death Benefits, as explained below, will be paid.

Example D:

Robert returns his completed Application to the Administrative Office on December 9, 2011, electing the Five-Year Certain and Life Annuity Option with Virginia as his BeneficiaryThis term means the person or persons whom a Participant last designates to receive benefits in the event of his or her death. However, if you have been married at least one year at the time of your death, your spouse will be your Beneficiary unless you and your spouse select a different Beneficiary. If there is no surviving designated Beneficiary, please refer to Section: NAMING OR CHANGING A BENEFICIARY BEFORE RETIREMENT on page 33 for details about the Plan's rules for designating a beneficiary and for paying benefits to a minor. Beneficiary designation forms are available from the Administrative Office.. His Second Retirement Date is February 1, 2012 (the first of the month following the expiration of at least 30 days). Robert dies on January 3, 2012, before his Second Retirement Date. Second Retirement Benefits will be paid to Virginia as the Beneficiary under the Five-Year Certain and Life Annuity Option, beginning on February 1, 2012. Under the Five-Year Certain and Life Annuity Option, Second Retirement Benefits will be paid to Virginia until January 1, 2017.

Reemployment after Normal, Late or Second Retirement Date

If a Participant is reemployed in covered employment after his or her Normal, Late or Second Retirement Date, he or she will continue to receive monthly benefits from the Plan. Also, the Participant's monthly Normal, Late, or Second Retirement Benefits will be increased to reflect additional contributions made to the Plan after January 1, 1989 based on his or her reemployment after the Normal, Late, or Second Retirement Date. (For this purpose, the payment of residuals which are subject to contributions to the Pension Plan will be counted.) The increase will be effective on the January 1st following the end of the year in which the benefit was earned. Any increase in benefits will be reflected in benefits payable to the beneficiary in the event of the Participant's death. If a Participant received a lump sum on his or her Normal, Late, or Second Retirement Date, he or she will be permitted to elect a new retirement benefit payment option with regard to all additional benefits earned based on reemployment after such Normal, Late or Second Retirement Date. If a Participant is reemployed in covered employment after his or her Normal, Late or Second Retirement Date and is receiving pension benefits, he or she must notify the Plan in writing within one month after engaging in such employment.

In the event that subsequent to a Participant's retirement and the commencement of his or her pension benefits, the Plan receives contributions made on behalf of such retired Participant as a result of a deferred compensation contract entered into prior to his retirement, such additional contributions shall not be treated as earnings from reemployment. Instead, such additional contributions shall be used as a basis for recalculating the Participant's annual retirement benefit but only with respect to monthly installments of the annual retirement benefit becoming payable after the next following anniversary date of the Participant's first pension payment after the receipt by the Plan of such deferred contributions. Pension benefits that were paid prior to the Plan's receipt of such additional contributions shall not be recalculated to account for the additional contributions. In addition, if a deferred compensation contract was made prior to the Participant's Early Retirement Date, the additional benefit payable shall be reduced by the same early retirement factor used to calculate the Participant's Early Retirement Benefit.

Pre-Second Retirement Death Benefits

If a Participant has an Early Retirement DateA Participant reaches his or her Early Retirement Date on the first day of any month prior to his or her Normal Retirement Date on which he or she elects to retire, provided that the Participant has both attained age 52 and has a vested retirement benefit. and returns to work in covered employment, but dies prior to a Second Retirement Date, a Pre-Second Retirement Normal Death Benefit may be payable to the First Retirement Beneficiary. A First Retirement Beneficiary is the Beneficiary designated by the Participant at Early Retirement. If there is no such Beneficiary designated, or a Participant wishes to have someone other than his or her First Retirement Beneficiary receive benefits in the event of his or her death prior to a Second Retirement Date, he or she may designate a new Beneficiary on a Designation of Beneficiary Form for Pre-Second Retirement Death Benefits Only. The Beneficiary designated on this form will be the Beneficiary for Pre-Second Retirement Death Benefits only. If there is no First Retirement Beneficiary or Pre-Second Retirement Beneficiary designated, then any death benefits will be payable to the estate according to the terms of the Plan.

The amount of the Pre-Second Retirement Normal Death Benefit is a return of the Employer Contributions made on the Participant's behalf for covered work done between the Early Retirement Date and the Second Retirement Date, subject to Internal Revenue Code Limits. If a Participant has accumulated more than 20 Qualified Years under the Pension Plan (including Qualified Years A Plan Year in which the Participant earned at least eight Credited Weeks. prior to the Early Retirement Date), there will be an increase of 28.3% for each year in excess of 20, up to a maximum of an additional 141.5%.

Example E:

Frank retired early and designated Charles as his Beneficiary. Charles is Frank's First Retirement Beneficiary. Frank returns to work in covered employment and earns $10,000.00 from his Employer, which then makes contributions to the Plan in the amount of $600.00.  Frank is sent a Designation of Beneficiary Form for Pre-Second Retirement Death Benefits, but he does not return the Form. Frank dies on November 10, 2012. Charles will be Frank's Beneficiary for Pre-Second Retirement Death Benefits. Charles is entitled to receive a Pre-Second Retirement Normal Death Benefit of $600.00 paid in one lump sum. Charles may also receive benefits from Frank's early retirement, depending on the option elected by Frank at his Early Retirement Date.

If a Participant has an Early Retirement Date under the Plan and returns to work in covered employment, but dies prior to the Second Retirement Date, and has an eligible Surviving Spouse, a Pre-Second Retirement Surviving Spouse Benefit may be payable and no Pre-Second Retirement Normal Death Benefit will be paid. An eligible Surviving Spouse ("Surviving Spouse") is the Participant's spouse to whom he or she has been married for at least one year as of the date of death.

The Pre-Second Retirement Surviving Spouse Benefit may be payable on the first of the month following the later of the Participant's date of death or the date which the Participant would have reached his or her Second Retirement Date if he or she had survived.

If the Participant has reached the earliest Second Retirement Date on the date of his or her death, the Surviving Spouse Benefit may elect to begin benefits on the first of the month coinciding with or next following the month in which the Participant dies, and will continue through the month in which the spouse dies. However, if such election is made after 90 days of the death of the Participant, then the benefits will begin the first of the month following the date in which the election is received by the Administrative Office.

If the Participant has not reached the earliest Second Retirement Date on the date of his or her death, the Surviving Spouse Benefit may elect to begin benefits on the first of the month coinciding with or next following the month in which the Participant would have reached the earliest Second Retirement DateA Participant reaches his or her Second Retirement Date on the first day of any month after his or her Early Retirement Date on which he elects to retire, provided that the Participant has attained age 65 and has accepted employment after the Early Retirement Date before age 65, or, if later, the January 1 following the first date the Participant accepts employment after the Early Retirement Date (effective January 1, 2002). In no event, however, will such date be later than the Participant's Required Beginning Date (i.e., generally the April 1 following the calendar year in which the Participant reaches age 70-1/2). had the Participant lived and will continue through the month in which the spouse dies. However, if such election is made after 90 days of the death of the Participant and after the Participant would have reached the earliest Second Retirement Date, then the benefits will begin the first of the month following the date in which the election is received by the Administrative Office.

The amount of the Pre-Second Retirement Surviving Spouse Benefit is equal to the survivor portion of the Joint and 50% Survivor Annuity calculated as if the Participant elected to begin his or her Second Retirement Benefits, with a Joint and 50% Survivor Annuity on the first day of the month coinciding with or next following the later of (1) the Participant's date of death or (2) the date on which the Participant would have reached a Second Retirement Date had he or she lived if the election by the eligible Spouse is received within 90 days of the date of death. However, if such election is made after 90 days of the death of the Participant, then the benefits will begin the first of the month following the date in which the election is received by the Administrative Office, but not before the date the Participant would have reached the earliest Second Retirement Date. A Surviving Spouse may elect to receive an immediate lump sum instead of the monthly Pre-Second Retirement Surviving Spouse Benefit by waiving his or her right to the monthly Pre-Second Retirement Surviving Spouse Benefit; provided that such election is made 180 days after the Plan sends the explanation of the Surviving Spouse Benefit to the Surviving Spouse. The immediate lump sum is the greater of: (1) the Pre-Second Retirement Normal Death Benefit or (2) the actuarial present value of the monthly Pre-Second Retirement Surviving Spouse Benefit.

Example F:

Albert retired early and designated Betty as his BeneficiaryThis term means the person or persons whom a Participant last designates to receive benefits in the event of his or her death. However, if you have been married at least one year at the time of your death, your spouse will be your Beneficiary unless you and your spouse select a different Beneficiary. If there is no surviving designated Beneficiary, please refer to Section: NAMING OR CHANGING A BENEFICIARY BEFORE RETIREMENT on page 33 for details about the Plan's rules for designating a beneficiary and for paying benefits to a minor. Beneficiary designation forms are available from the Administrative Office.. Betty is Albert's First Retirement Beneficiary. Albert returns to work in covered employment prior to age 65 and earns $50,000.00 from his Employer, which then makes contributions to the Plan in the amount of $3,000.00. Albert is sent a Designation of Beneficiary Form for Pre-Second Retirement Death Benefits, and returns the form designating his spouse of four years, Mary (who is the same age as Albert), as his Beneficiary for Pre-Second Retirement Death Benefits. Albert dies on November 10, 2012. Mary will be Albert's Beneficiary for Pre-Second Retirement Death Benefits. Since Mary is Albert's eligible spouse, Mary is entitled to a Pre-Second Retirement Surviving Spouse Benefit. Her monthly benefit, which would start at the earliest when Albert would have turned 65 had he lived, will be $54.34 ($3,000.00 times 48.3% Annual Benefit Multiplier times 90% Joint and 50% Survivor Annuity option factor divided by 12 months, times 50% for Survivor portion), which would be paid for Mary's lifetime. Mary can receive an immediate lump sum benefit, instead of the monthly benefit, of the greater of $3,000.00 or the actuarial present value of the $54.34 monthly benefit. Betty may separately receive benefits from Albert's early retirement, depending on the option elected by Albert at his Early Retirement Date.

If a Participant is receiving retirement benefits under this Plan and is reemployed in the type of employment for which Employer contributions are required to be made to the Plan, but such contributions were made on his or her behalf only for employment prior to January 1, 1989, then the amount of the additional benefits to which a Participant may be entitled will be determined under the rules in effect at that time.