HomeMy WebLinkAbout1416 ARTICLE V - `BENEFITS eGU;. 230 PEG= ~~4
S.l RETIREMENT BENEFITS.
(a) The amount of monthly retirement benefit to be provided
for each Participant who retires on his Normal Retirement Date
(which benefit is herein called his Normal, Retirement Benefit),
shall be equal to the sum of b1.00~ of the first 67,200 of such
Participant's covered compensation determined as provided in
Section 5.1 (c) multiplied by the Participant's total number of
Years of Service with the Employer, plus (2) 91.00 of the excess
of 67,200, multiplied by the total number of Years of Service with
the Employer, reduced by 1/15th for each year of service less than
15.
(b) A Participant may elect to retire on an Early Retire-
ment Date. In the event that a Participant makes such an election,
he shall be entitled to receive an Early Retirement Benefit equal
to his Accrued Benefit payable on his Normal Retirement Date.
However, if a Participant so elects, he may receive payment of
an Early Retirement Benefit commencing on the first Anniversary
Date coinciding with or next following his Early Retirement
Date, which Early Retirement Benefit shall equal his Accrued
Benefit reduced by 1/15th for each of the first five (5) years
and 1/30th for each of the next five (5) years and reduced
actuarially for each additional year thereafter that the Anni-
versary Date on which his Early Retirement Benefit commences
precedes his Normal Retirement Date.
(c) The Normal Retirement Benefit shall be based on Average
Monthly Compensation as defined in Section 1.7 of this Agreement.
(d) The Normal Retirement Benefit payable to a Participant
pursuant to this Section S.1 shall be a monthly pension commencing
on his Retirement Date and continuing for life. If a Retired
I! Participant dies prior to the completion of 120 monthly payments,
such monthly payments shall be continued to the Retired Participant's
~ Beneficiary until the monthly payments made to the Retired Parti-
cipant and to the Beneficiary shall total 120. If an alternative
~ method of payment is elected by either the Participant or the
Administrator pursuant to this Agreement, such alternative method
! shall__be~the actuarial equivalent of the monthly pension provided
in this paragraph.
(e) Upon reaching Normal Retirement Date, a Participant
may, with the approval of the Board of Directors of the Employer,
remain in the employ of the Employer on a year-to-year basis beyond
such Participant's Normal Retirement Date. In such event, the
Employer will make no further contributions toward current costs
on behalf of the Participant after he reaches Normal Retirement
age. The retirement benefit commencing at the actual retirement
date of such Participant will be the actuarial equivalent
of the benefit he would have received at Normal Retirement Date.
The Participant shall continue to share proportionately in the
income or losses of the trust fund or his specific fund if it is
segregated by the Trustees in their discretion during the time
he is actually employed. At actual retirement of such Participant,
his retirement benefit shall be adjusted to reflect the income
or losses of the trust or his specific fund from such Participant's
Normal Retirement Date to his actual retirement date. In no event
shall a Participant receive a benefit less than the amount due at
his Normal Retirement Date.
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