Page 19 - Pay'n Save Retirement Truat fund

17 | SOUND RETIREMENT

Example: Regular Pension Benefit

Terry’s effective date of coverage is October 1, 1980. He has 34 years of
credited future service and works an average of 1,800 hours per year. He has
no credited past service. Terry retires on July 1, 2014, at age 65.
Resulting in a
For the period
of… Terry’s benefit equaled… monthly pension
benefit of...

10/1/80 to 9/30/82 3,600 hours x $0.40 per hour x 7.1% $102.24

10/1/82 to 9/30/02 36,000 hours x $0.55 per hour x 7.1% $1,405.80

10/1/02 to 8/31/03 1,650 hours x $0.55 per hour x 6.34% $57.54

9/1/03 to 6/30/2014 19,500 hours x $0.55 per hour x 3.0% $321.75

$1,887.33 per
Terry’s regular pension at age 65 =
month

After adding together Terry’s pension benefit for each of the periods in which
he worked, Terry is entitled to a regular pension benefit of $1,887.33 per month
payable as a single life annuity. If Terry selects a different form of payment (for
example, if he is married and selects the 50% spouse pension), these monthly
amounts will be reduced.

QUESTIONS AND ANSWERS

How will my regular If you are not married, your regular pension amount
pension be paid? will be paid as a single life annuity. If you are married,
your regular pension amount will be paid as a 50%
spouse option, unless you and your spouse elect
otherwise. All the Sound Plan’s payment options are
described in “Forms of Payment” beginning on page
38.