Page 32 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 30

L ATE RETIREMENT PENSION

ELIGIBILITY

You are eligible for a late retirement pension if you have met the
eligibility requirements for a regular pension or a deferred vested
pension, but wish to defer the start of your pension until after
your regular pension would ordinarily begin. However, whether
or not you stop working, a late retirement pension must begin by
April 1 following the calendar year you reach age 70½.

YOUR LATE RETIREMENT PENSION AMOUNT
Your late retirement pension amount is determined in the same
way as the regular pension amount, as described on page 16,
except that it includes benefits earned to your late retirement
date (or April 1 following the year you reach age 70½, if sooner).
Each year after normal retirement and prior to your benefit
commencement date, the additional benefit you earn will be the
larger of the benefit calculated under the Plan’s formula, or the
prior year’s benefit times an actuarial increase factor. This amount
is then adjusted for the form of payment you select.

QUESTIONS AND ANSWERS

How will my late retirement If you are not married, your late retirement
pension be paid? pension will be paid as a single life annuity,
unless you elect otherwise. If you are
married, your late retirement pension 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.

Is my late retirement benefit Yes. If you are employed beyond age 70½
affected if I’m still working at and begin receiving minimum distributions
age 70 ½ and begin receiving from the Sound Plan, you will receive an
payments? annual update of your monthly benefit to
reflect any additional benefits you earn
under the Plan.