HomeMy WebLinkAbout2218 'r,ighest compensation endiny on any prior anniversary date then
the ~articipant shall be entitled to such higtier monthly retire-
i~ent benefit; a~ici provij~aL .:urther t.iat no chanya in a partici-
*~ant's cor:lpensation duriny the Yive-year period endin~ witi~ :~is ~
narr,~al retir~cnent dste sha13 be taken into accvunt in uetermin- ~
ing his monthly retirement benefit; an~. pro~five3 further t2:at if
a participant has not complc~ted fifteen (1S) years of employ:~ent
at tlie tiia~ of his re~.ire~rtent at or atter his norinal r~tirer:ent
:iate his monthly retir~~:n~nt benetit sha11 b~~ reduced hy one-
riftsenth (1/15) for e.a~h year that his nu-aber of com~lete years
~f cor?tinuous e:-i~loynent 3t such time i$ less than fifteen (15) ;
~nd ~rovic.ed finally, anything to the contrary notwithstan3iny,
t*~at tn~ ^~ini^~um monthly retirement benQfit of a participant
~~~title,l to receiv~~ ~ny such henef: t s'~aI l ve 'i aenty Dollars
( ~~n. .
2. Retira~r~eiit after ~+orr.ial ~'etirej.?ent Date. ~~it:~ th~
cons~nt of the emx~loyer. , a~articipant may rt~main ir~ activ~
T~~loynent after his normal retirsment ciate, rut ~a such event,
(a) no cantributio~s to the p3an shall re :~~~3e by the ~:::vloyer for
*_?~e ~:~~net it o~f suc~: r,articiUant af ter :lis nor_a+al retire~ ;ent
_:ate, (io) eo:r~*nencc;.Tte~t oi retira~l~nt ??e:~Pf its slzall l~e cieferred
~?>,ti.l ~~e =~.onth foI'o~•~irig the ir•.pnt12 in c~hi::z he in fact retiras,
-~n~.~ suc?~ r,artici~ant's nor~nal ~nonthly r~tirem.ent benefit
~o:~~*?encing as aforesaid shall be actuari~lly increase3 to the
~xteat provided for by any eontract hel~~ hy the trustee for such
::articioant.
~etire~zn~ de~efi* in ;~.v~n'~ ~~isa~-:ili~. In the
°vent of the d~sabil.ity of. a participan} .ri:~x t~ r~tirernent at
or ~?fter ner~al retirement date, the i:iterest of suc;, partici-
-~aat ir_ ar~l~ contr~=~t h~ld by ti:e trustee for such participant
ana in the sh~r~ of t~~e a~~xiliary fun~ at~ri_t~uta;-Ie ta any such
contract, :~etermined as nereinafter provi::~~~, shall .re fulI.y
cHOnca ~ w~au. .~rroxxs~ ~r i.nw. e~r.r.rw s~,p~tm~
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