Page 65 - Pay'n Save Retirement Truat fund

63 | SOUND RETIREMENT

If you earn this many hours of
Covered Employment prior to You will earn credited service
equal to…
October 1, 2016 …
0 – 89 0 years

90 − 179 1/12 year

180 − 269 2/12 year

270 − 359 3/12 year

360 − 449 4/12 year

450 − 499 5/12 year

500 or more 1 year

Vesting Service

The vesting service you earned under the Drug Plan prior to
October 1, 2008 will also count as vesting service under the
Sound Plan. For example, if you have 3 years of vesting service
under the Drug Plan as of that date, you are considered to have
3 years of vesting service under the Sound Plan. If you then
complete 2 years of vesting service under the Sound Plan, you
will be fully vested in both the Drug Plan benefit you earned
through September 30, 2008 and the Sound Plan benefit you
earned thereafter.

Break in Service

Prior to October 1, 2016, you incurred a 1-year break in service for
any Plan Year you completed less than 90 hours of service. See
page 10 for the current Sound Plan rule.

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
(including continuous non-covered service, but without a
permanent break in service), or
 Age 65 or older and have passed your 5 th anniversary of
participation (without a permanent break in service), and are
still actively participating in the plan.