Page 27 - Pay'n Save Retirement Truat fund

25 | SOUND RETIREMENT

QUESTIONS AND ANSWERS

How will my early Regardless of your type of early retirement benefit,
retirement pension your payment options generally will be the same. If
be paid? you are not married, your early retirement pension
will be paid as a single life annuity, unless you elect
otherwise. If you are married, your early retirement
pension will be paid as a 50% spouse option,
unless you and your spouse elect otherwise. The
Plan’s payment options are described in “Forms of
Payment,” beginning on page 38.
Will my early The cost of living adjustment (described beginning
retirement benefits in Appendix E on page 89) allows the benefits
be adjusted to reflect for certain participants that were earned prior to
changes in the cost September 1, 2003 to be adjusted each year to reflect
of living? changes in the cost of living. You are only eligible for
this adjustment if you retire prior to the date that the
2016 Rehabilitation Plan applies to you (see Appendix
E).
If I am not eligible
for a Standard, Once the 2016 Rehabilitation Plan applies to you (see
Modified Reduced, page 18 above), you generally must meet one of the
or 55/30 Partly age and service requirements for early retirement
Unreduced Pension, explained above or you must wait until you are age
can I retire before 65 to begin your benefit. The exception to this rule is
normal retirement explained above.
(generally age 65)?

Once the 2016 Once the 2016 Rehabilitation Plan applies to you (see
Rehabilitation Plan page 18), the 55/30 Partly Unreduced early retirement
applies to me, can benefit is no longer available unless the above
I earn back the exception applies to you.
rights to a Standard, You can regain your rights to the Standard Reduced
Modified Reduced Pension on service you earned if you later work
or 55/30 Partly at least 5 consecutive Plan Years of 750 or more
Unreduced early hours following your most recent break in service
retirement pension?
year. If you do, your early retirement benefits are
determined using more favorable Standard Reduced
Pension factors for your entire benefit.
If, following your return, you work more than 1 but
fewer than 5 Plan Years of 750 or more hours, you will
regain eligibility for the Modified Reduced Pension
on benefits earned prior to the most recent break in
service (year in which you worked fewer than 750
covered hours) and a Standard Reduced Pension
on benefits earned after that year. If you do, you
will be able to early retire but your pension will
be determined using the less favorable Modified
Reduced Pension factors on the benefits your earned
prior to this break and the more favorable Standard
Reduced Pension Factors on the benefits you earned
after this break.
You will lose early retirement eligibility again if you
later incur a break in service or do not work 750 or
more covered hours in a Plan Year starting October 1,
2016 or later that is not subsequently repaired.