Earning Service

Vesting Service...

• Determines your right to a pension.
• Generally, you earn one year of vesting service for which contributions are payable on your behalf for 500 or more Hours of Service. You become vested once you complete five years of vesting service.

Receiving A Pension

When you retire...

• A normal pension can be taken at age 60, or the date you are credited with at least 30 years of Future Service provided you are at least age 55.
• An early pension can be taken between the ages of 55 and 60 if you have 10 or more years of vesting service. Your pension will be reduced if you receive it before age 60.
• If you become totally and permanently disabled, you may qualify for a disability pension. To be eligible for this benefit, you must be 55 years old, have at least 10 years of benefit service before your disability begins, and you must have a Social Security Disability Award.
• A reciprocal pension pays a pension to participants whose service is not sufficient to make them eligible for a pension benefit because his or her service was divided between reciprocal plans. To be eligible for a reciprocal pension, the participant must meet the requirements for a reciprocal pension under this Plan and the reciprocal plan(s).

Choosing How Your Pension Is Paid

• 50% joint and survivor pension
• 50% joint and survivor pension with pop-up
• 85% joint and survivor pension
• 85% joint and survivor pension with pop-up
• Depending on the payment option you choose, you may need your spouse’s consent.
• If the total lifetime value of your benefit is $5,000 or less, it may be paid to you in one lump sum payment.

If You Die

• If you die before beginning your pension and you have at least five years of vesting service, your spouse may be eligible to receive a monthly pension upon your earliest retirement date.
• If you die before beginning your pension and you are single, no benefit will be paid.
• If you die after beginning your pension, depending on the form of payment you elected when your pension payments started, your spouse or beneficiary may receive a monthly pension.

Summary Of Benefits

Your Pension Plan benefit can be a significant part of your retirement income. The amount of your pension benefit is based on the total contributions your employers contribute on your behalf to the Plan. Generally, the more money contributed, the greater your pension. The Pension Plan offers you:

• Pensions at various retirement ages
• Several payment options
• Disability benefits

Suspension Of Benefits

This is to inform you that your monthly pension benefit will be suspended (that is, will not be paid) for any calendar month in which you work in "disqualifying employment" above Plan thresholds.