Page 25 - Pay'n Save Retirement Truat fund

23 | SOUND RETIREMENT

55/30 PARTLY REDUCED PENSION
Eligibility

Once the 2016 Rehabilitation Plan applies to you (see page
18), the 55/30 partly reduced pension is no longer available for
retirements on or after January 1, 2017 except if you:

 Had 30 or more years of service by September 1, 2016;
 Turned 55 between December 1, 2016 and December 31, 2017;

 Retire and begin receiving your pension benefits in 2017 (or on
January 1, 2018 if you turn 55 in December 2017); and

 Meet all other conditions for the 55/30 Partly Reduced
Pension.

If you meet these requirements for a 55/30 Partly Reduced
Pension and wish to elect this benefit, please contact the Trust
Office at your earliest opportunity.
If you retire before the 2016 Rehabilitation Plan applies to you
(see page 18), you are eligible for a 55/30 partly reduced pension
if you meet the following requirements:

 You satisfy the eligibility conditions that apply to any early
retirement (see above),
 You became a participant in the Sound Plan before September
1, 2003,
 You have earned 30 or more years of credited service (without
a Permanent Break in Service), including 1 or more years of
Credited Future Service, and
 During the 2 most recent Plan Years prior to the Plan Year of
your retirement, you have not incurred a break in service.

Your 55/30 Partly Reduced Pension Amount
Your 55/30 partly reduced pension benefit equals:

 The regular pension benefit you earned before September 1,
2003, plus
 The regular pension benefit you earned on and after
September 1, 2003, reduced by ½ of 1% for each month you
are younger than 63 (but not younger than 60), and ⅓ of 1%
for each month you are younger than age 60.

Once your 55/30 partly reduced pension benefit is calculated,
your total amount is adjusted for the form of payment you select.