Page 18 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 16

REGULAR PENSION

ELIGIBILITY

You are eligible for a regular pension when 6 months have
elapsed since your effective date of coverage and you are either:

 Age 65 or older and have 5 or more years of credited service
(without a Permanent Break in Service), or

 Age 65 or older and have passed your 5th anniversary of
participation (without a Permanent Break in Service).

If you are a terminated vested participant (see page 19), you are
eligible for a regular pension or a deferred vested pension at
age 65. You may be eligible for an earlier commencement if you
return to work. See the rules on early retirement pension on page
18 for more information.

YOUR REGULAR PENSION AMOUNT
Your regular pension is a monthly amount equal to the sum of
your past service benefit and your future service benefit.

 Your past service benefit is a monthly amount equal to $5.98
multiplied by your years of credited past service.

 Your future service benefit is a monthly amount equal to
y 7.1% of the employer contributions credited to you between
October 1, 1965 and September 30, 2002,

y 6.34% of the employer contributions credited to you
between October 1, 2002 and August 31, 2003, and

y 3.0% of the employer contributions credited to you on or
after September 1, 2003.

This amount is then adjusted for the form of payment you select
and your age at when your benefit begins.