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Pension Type

Pension  Plan offers three types of Pension

Normal Pension

Early Retirement Pension

Deferred Pension

NORMAL PENSION

The Normal Pension is the basic form of pension offered by the Plan at age 65.

The Normal Pension is payable to vested Participants who have terminated employment after reaching age 65 and retired.

By law you must start receiving your Normal Pension by no later than the end of the calendar year in which you become age 71.

You will not accrue additional benefits after the end of the year in which you turn 71 even though you may still be employed by a contributing Employer.

ELIGIBILITY

To be eligible you must be:

Terminated (should not be working with a contributing Employer)

AGE                                                                             

Normal Retirement Age means the attainment of age 65.

By law pension benefit payments must start no later than the end of the year in which you reach age 71.

NORMAL RETIREMENT DATE

A Normal Pension is payable in the month following the latest of the following dates:

The month on which you reach the Normal Retirement Age.

The Employment month in which you last worked in covered.

NORMAL PENSION AMOUNT

The amount of your Normal Pension is determined by adding together the Future Service Benefit and the amount of Past Service Benefit you have earned (if applicable).

EARLY RETIREMENT PENSION

The Early Retirement Pension is a pension benefit paid to individuals who retire from the Industry between the ages of 55 and 65. The Early Retirement pension is calculated in the same way as the Normal Pension, except that the monthly amount is reduced by 1/2 of 1% for each and every month (6% per year) you are younger than 65 when you retire. This reduction accounts for the longer period of time over which it is expected you will receive benefit payments.

The Early Retirement Pension is payable to vested Participants who are at least 55 years of age but who have not yet reached age 65. As with the Normal Pension, you must also have retired before you can begin receiving the Early Retirement Pension. The monthly benefit you receive as your Early Retirement Pension is determined in the same manner as the Normal Pension but is then actuarially reduced to reflect the fact that you will be receiving it over a longer period of time.

ELIGIBILITY

A Participant shall be eligible to retire on an Early Retirement Pension if the Participant has:

a) retired

b) reached the first day of the month after attainment of age 55

c) has not reached the Normal Retirement Date

BENEFIT PAYMENTS

Benefits for an Early Retirement Pension are payable on the latest of:

(1) the month following the month in which the application is received

(2) the month following the month in which the Participant or Former Participant last worked in Covered Employment; or

(3) the month for which the Participant or Former Participant has elected to begin receiving benefits.

DEFERRED PENSION

A Deferred Pension is a pension which is payable to a Vested Participant who terminates participation in the Plan before becoming eligible for either a Normal or Early Retirement Pension. You can apply to receive your Deferred Pension at any age up to age 65 or you can apply to receive your Deferred Pension in a reduced amount beginning any time between the ages of 55 and 65.

If you have terminated your participation before retiring, you can choose to leave your money in the plan and receive a Deferred Pension at a later date.  A Deferred Pension is payable to a former participant upon retirement at or after age 55. If you start receiving a pension at age 65 or later,  you will be paid a monthly pension calculated in the same manner as Normal Pension. If you decide to begin receiving your Deferred Pension between the ages of 55 and 65, the amount of the Deferred Pension will be calculated in the same manner as a Normal Pension and then reduced as an Early Retirement Pension.

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