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Pension Payment

The standard form of pension payment is a monthly income for the life of the pensioner, with a guarantee of at least 60 payments (5 years). This means that if the retiree should die prior to receiving 60 payments, the named beneficiary or estate would be paid the remainder owing.

The Pension Benefits to which you are entitled from the Plan at age 65 is based on the amount of contributions received by the Plan on your behalf and the time you worked for your first Contributing Employer.  You earn what is called Future Service for all the time you work after you and your employer began making contributions to the Plan.  You may also be eligible for up to seven years of Past Service Credit for the time you worked for your first Contributing Employer before that employer joined the Plan.

There are a number of options in addition to the standard available to the retiree. This flexibility is a positive feature of the Plan.

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