Age | Any age with benefit to commence at age 65 (or, if hired after age 65, 5th anniversary of participation). Benefit may commence at age 50 if have 10 or more Years of Credited Service. | | |
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Service & Other Requirements | 5 or more years of Vesting Service with at least one Hour of Service on or after 1/1/1989. | | |
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Basic Benefit |
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(a) 2.03%* x Final Average Pay
x Credited Service prior to 1/1/2004 [maximum 40 years]; plus
(b) 0.65%** x Final Average Pay x Credited Service
earned on or after 1/1/2004 [maximum 40 years less Credited Service used
in (a)]
Note: If retired or terminated employment prior to December 1, 2003, different
benefit provisions will apply. If hired before January 1, 1983, see Grandfather
Formula
See Example
*With at least one Hour of Service on or after 12/1/1999.
**With at least one Hour of Service on or after 12/1/2003.
This amount may be reduced if benefit payments begin before
age 65 depending on which of the following three applies:
Age 50 and 20 Years of Credited Service
(with at least one Hour of Service
on or after 1/1/1998) at time of termination of bargaining unit employment*:
Age 60 or older, no reduction; otherwise reduced 5% per year less than
age 60.
See table.
* or terminated bargaining unit employment with 20 years
of Credited Service prior
to age 50 as part of the 2001 Involuntary Separation Program
Rule of 85: Age plus
Credited Service is at least
85 (with at least one Hour of Service on or after 12/1/1999) at time
of termination of bargaining unit employment: no reduction.
All other instances: see table.
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Forms of Payment |
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(a) Single Life Annuity (no further reduction)
(b) Qualified Joint and Survivor Annuity (75%) *
(c) Joint and Survivor Annuity (50%, 66-2/3%, 100%)
(d) 120 Month Certain Annuity
(e) Social Security Level Income Annuity
Reduction Factors
See Spouse Beneficiary Pop-up Feature
*If in eligible service on or after December 1, 1999
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Conditions Which May Result In Loss Of Some or All Benefits |
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View Plan Summary | | |
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Note: The provisions summarized above relate to the Company-funded benefits under the Plan, as provided for in the Plan as of May, 2004. The Plan may be amended or terminated at any time, and future benefit accruals (if any) may be different from those that previously applied. In the event of any conflict between the terms of this summary and the Plan document, the terms of the Plan document will control. | | |
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