Future Service Benefit under the Default Schedule EXAMPLE TWO: If you are covered by the Default Schedule, beginning with covered For an employee of a group that joined the Fund after employment on or after your RP Schedule Effective Date, you will April 1, 2003. earn benefits at a rate of 1% of your credited contributions, once Ed works for a contributing employer that began contributions the minimum of 600 Hours of Service a year is met. The contribu- after April 1, 2003 under Schedule B. Ed retires at age 65 with tion increases that are required under the RP are not treated as 30 years of future service credit. His future service benefit will credited contributions and will not count towards benefit accrual. be based on the benefit values shown in the third column of Table One on page 33. Based on the applicable hourly contribu- tion rates shown below, Ed’s monthly benefit will be calculated HERE IS AN EXAMPLE: as follows: Ed retires in 2030 at age 65 with 20 years of future service 3 years of future $1.00 rate = 140.94 (3 x 46.98) credit. Ed worked 1,800 hours each year and is credited with service at employer contributions at a rate of $1.00 per hour for 2010- 3 years of future $1.25 rate = 168.18 (3 x 56.06) 2019 (with Schedule B as the applicable benefit schedule), service at and $2.00 per hour for 2020-2029. Ed’s RP Schedule Effec- 3 years of future $1.50 rate = 198.24 (3 x 66.08) tive Date is January 1, 2020. service at Under the Default Schedule, Ed’s benefit is calculated as follows: 3 years of future $1.75 rate = 228.30 (3 x 76.10) 2010-2019 10 years of future service at $1.00 rate = service at 3 years of future $2.00 rate = 256.38 (3 x 85.46) $469.80 (10 x $46.98) service at 2020-2029 10 years of future service at 1% of contributions 10 years at $2.00 per hour * 1,800 hours per 3 years of future $2.25 rate = 284.46 (3 x 94.82) year = $36,000 in contributions service at $36,000 * 1% = $360.00 3 years of future $2.50 rate = 310.68 (3 x 103.56) His total monthly benefit = $829.80 ($469.80 + $360.00). service at 3 years of future $2.75 rate = 336.84 (3 x 112.28) service at 3 years of future $3.00 rate = 361.32 (3 x 120.44) EARLY RETIREMENT PENSION service at 3 years of future $3.25 rate = 385.71 (3 x 128.57) You are eligible to receive an early retirement pension if: service at › You are age 55 but not age 65, and Total Service — $2,671.05 › You have at least five years of credited service including 30 years 1,200 hours of service, unless you have 600 hours of The accumulated benefit of $2,671.05 is rounded to $2,672 per month. service in any plan year 1999 or later. If Ed is not married when he retires, he will receive $2,672 for his If you do not have an hour of service on or after January 1, 1991, lifetime (and, if he is covered by the Default Schedule and dies be- see your prior plan SPD. fore receiving 60 monthly payments, the balance of the payments See pages 7 and 8 for definitions of hours of service and credited attributable to his benefits earned before his RP Effective Date service. will be paid to his designated beneficiary). This is the standard form of payment for participants who are unmarried when they Amount of Your Early Retirement Pension retire (except that a minimum of 60 payments will be made to a The amount of your early retirement benefit is determined by first Grandfathered Participant or the Grandfathered Participant’s des- calculating your normal pension. This amount is then reduced for ignated beneficiary if the Grandfathered Participant dies within 60 early commencement as described below. months). See page 20 for details. If Ed 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 to provide for survivor benefits. See page 19 for details about the standard form of payment for married participants. SUMMARY PLAN DESCRIPTION 2023 // 13