19 SUMMARY PLAN DESCRIPTION 2023 // MERGED PLANS From time to time, other pension funds have been merged into the Na- tional Pension Fund or the prior plans. The participants in the merged plan may be brought in at lower benefit levels. If you were a participant in a plan that merged into the National Pension Fund, special rules set out in the merger agreement that describes how service earned under the merged plan will be treated may apply to you (but note that the merger agreement has been modified by the RP as explained below). Most merger agreements require that you earn at least 1,200 hours of service after the effec- tive date of the merger to receive National Pension Fund benefits. On pages 31 and 32, you will find a list of the plans that have been merged into the National Pension Fund, or its prior plans, with the effective dates of the merger agreements. By writing to the Fund Of- fice, you can obtain a copy of the merger agreement. The benefit modifications described in this SPD for benefits earned under the Plan will also apply to the same types of benefits earned under the merged plans. As a result, no lump-sum benefits under merged plans will be payable on or after April 26, 2019, except for small benefits that are automatically cashed out. In addition: › For participants covered under the Preferred Schedule: › All early retirement pensions and disability pensions will be reduced using the same factors used to deter- mine early retirement pensions and disability pensions earned under the National Pension Fund. › The normal form of payment for unmarried participants will be a single life annuity providing equal monthly payments for life, with no benefit payable after the participant’s death. › For participants covered under the Default Schedule: › All “pop-up” benefits (e.g., benefit increases to a partic- ipant who is receiving a joint and survivor annuity and whose spouse predeceases him or her) are eliminated. › All pre-retirement death benefits other than the 50% qualified pre-retirement survivor annuity are eliminated. HOW WILL YOUR PENSION BENEFIT BE PAID? Your pension benefit can be paid in one of several ways. DEFINITION OF SPOUSE For the purposes of this SPD, the term “spouse” shall refer to the per- son to whom you are married under the law of the state where your marriage was performed or the state where you live. Additionally, the term “spouse” can refer to your ex-spouse if required under a Qualified Domestic Relations Order (see page 21 of this SPD). STANDARD FORM FOR MARRIED PARTICIPANTS: 50% JOINT AND SURVIVOR PENSION Under federal law, the standard form of payment for married par- ticipants is the 50% Joint and Survivor Pension. If you are married on the effective date of your pension, your pen- sion will be paid automatically as a 50% Joint and Survivor Pension unless you and your spouse select a different form of payment in writing. To reject the standard form, you must use the appropriate form provided by the Trustees as a part of the pension application. Your spouse’s signature must be witnessed by a notary public. The 50% Joint and Survivor Pension provides you with a reduced monthly benefit for your lifetime. When you die, your spouse con- tinues to receive 50% of that reduced benefit for the rest of his or her lifetime. If you and your spouse are divorced after the effective date of your pension, your divorced spouse will still be entitled to the 50% Joint and Survivor Pension after your death. In lieu of a 50% Joint and Survivor Pension, you may elect the 75% or the 100% Joint and Survivor Pension option, in which case a valid rejection of the standard form is not required. Amount of Reduction The amount of the reduction depends upon the difference be- tween your age and your spouse’s age at the time you retire, and on whether you are covered by the Preferred Schedule or the De- fault Schedule, or you are a Grandfathered Participant. See Table Seven on page 56 for a list of reduction percentages based on the age difference between the participant and spouse. When you apply for your pension the Fund Office will let you know the amount of your pension payable as a 50% Joint and Survivor Pension and in other optional forms. You and your spouse must decide before the commencement of your pension if you want to accept the standard 50% Joint and Survivor Pension or choose some other payment option. If Your Spouse Dies Before You (Preferred Schedule and Grandfathered Participants) If you are covered by the Preferred Schedule or are a Grandfathered Participant and your spouse dies before you but after the effective date of your pension, your pension amount will be adjusted if you are receiving a 50% Joint and Survivor Pension and you have at least 600 hours of service in 1993 or later. In this case, the monthly amount payable to you will be increased as of the first of the month following the death of your spouse, to
