HomeMy WebLinkAbout2217 prior employment in determing his eliqi~ility.
2. Application for Participation. In order to become a
participant an eliqible employee shall apply in such manner as
may be prescribed or acceptable but every such appllcation
shall conetitute and may expressly include an acceptance by
such applicant of the terme and condltions of the plan and ;
may include a desiqnation by such applicant o! one or more bene-
f~ciaries. . t
1
2
IV. PLAN BSNEFITS.
l. Normal Retirement Benefits. A participant shall be
entitled to receive, commencing at his normal retirement date,
and ~nthly thereatter for his lifetime, but in any event for a
period of 120 i~tonths certain, a monthly retirer.ient benefit, com-
puted a~s of the effective date of the plan and as of each anni-
versary date, as follows: Normal retirement benefit for any
partici~ant shall not exceed benefits computed based upon the
participant`s average 3nnual compensation durinq his five (5)
consecutive years of highest compensation, and the normal monthly
s
i
retirement benefit shall be an amount (rounded off to the nearest ~
~
! whole dollar amount with any part of a dollar more than fifty '
f '
~
cents counting as a whole dollar) equal to thirty per cent (30~) ~
t
of that portion of the averaqe monthly compensation so deter-
mined to the extent the same does not exceed $500.00, plus fifty-
four per cent (54~) thereof to the~'extent the eame does exceed
$500.00. If ae of any annivereary date the normal :aonthly re-
tirement benefit of a parti~fpant computed as aforesaid shal2 ~
,
be hiqher or iower by Ten Dollars ($10.00) or nor? than such ,
benefit as most recently determined theretofore such part-
icipant`s monthly retirement shall be adjusted upward or down-
ward accordinqly; provided, however, that if a higher monthly
retirement benefit would result on the basis of the participant's
averaqe monthly compensation for his five consecutive years of ~
I
- 4 - •
. tO01I~4 ~ACE~~
CRUt'l'tl .k ~~'AND. .~7'PUftXt:Y!4 .~T LAt~. 11.1LI.A~DALF.. FIARIDA . ~
y ~.t - ,.rs'~s't - ~ _ ~ ~
` , ~ia' ,~s"T`~.~e__~.~'~'' r,.__- .