to participants who do not want the standard form. See pages 20 HERE’S AN EXAMPLE: and 21 for details. Bob is age 51 when he retires. He has 30 years of credited 60 Certain Payments Optional Form of Benefit service, and he also has 600 hours of service in 1999 or This option is the same as the 120 Certain Payments described on later. He thus satisfies the requirements for 30 and Out, so page 21 and with the same restrictions, but instead of 120 pay- his pension is not reduced for age. If we assume his service ments, only 60 payments are guaranteed and, if you die before and employer contributions are the same as Len’s (see exam- receiving 60 payments, your designated beneficiary will receive ple on page 12), his pension amount, payable at age 51, will be the same as Len’s normal pension — $4,452 per month the balance of the 60 payments. — with no reduction. If Bob is not married when he retires, he will receive $4,452 for his TABLE THIRTEEN lifetime, with a minimum of 60 monthly payments to be made to him or his designated beneficiary should he die within 60 months. EARLY RETIREMENT REDUCTION FACTORS BASED ON This is the standard form of payment for participants who are un- ACTUARIAL EQUIVALENCE married when they retire. See page 20 for details. If Bob is married when he retires or if he chooses some other form of payment, his benefit amount may be different — for example, it may be reduced Early Retirement Sample $1,000 to provide for survivor benefits. See page 19 for details about the Retirement Age Factor Accrued Benefit standard form of payment for married participants. 20 .023 $23 Disability Pension Amount 21 .024 $24 If you are eligible for a disability pension, and you have 600 hours 22 .026 $26 of service in any plan year beginning 1997 or later and a pension 23 .028 $28 effective date of January 1, 1998 or later, the disability pension amount is equal to the normal pension benefit, with no reduction 24 .030 $30 for age. 25 .033 $33 If you do not have 600 hours of service in any plan year beginning 26 .035 $35 1997 or later, or if your pension effective date is before January 1, 27 0.038 $38 1998, your disability pension will be based on the early retirement 28 0.041 $41 pension — which reduces your benefit based on age — as calculat- 29 0.044 $44 ed on the effective date of your disability pension (see page 62). (If you are younger than age 55, your early retirement benefit is 30 0.048 $48 calculated as if you are age 55.) Then, 10% is added, but not to 31 0.051 $51 exceed the normal pension amount payable at age 65 or the early 32 0.056 $56 unreduced retirement amount payable at age 62. That total is your disability pension. 33 0.06 $60 Your monthly disability benefit will never be less than $35.00 before 34 0.065 $65 adjustments for the 50% spouse pension or any optional form of pay- 35 0.07 $70 ment, or more than the amount of a normal pension. 36 0.076 $76 For covered employees who are eligible for disability pensions 37 0.082 $82 based on five years of vesting service but have less than five years 38 0.088 $88 of credited service, disability pension benefits will be based solely 39 0.096 $96 on their future service credit. 40 0.103 $103 If you are married when you retire on a disability pension, the 41 0.112 $112 standard form of payment is the 50% Joint and Survivor Pension 42 0.121 $121 (see page 19), unless you and your spouse reject it in writing. The 43 0.132 $132 standard form for unmarried participants is a lifetime benefit with 60 guaranteed payments. Optional forms of payment are available 44 0.143 $143 SUMMARY PLAN DESCRIPTION 2023 // 63