Page 69 - Pay'n Save Retirement Truat fund

67 | SOUND RETIREMENT

Example 2: Additional credited service earned after October 1, 2008
As of September 30, 2008, Joy is age 54 and has 15 years of credited
service under the Drug Plan and a monthly benefit of $800, payable at
normal retirement as a single life annuity. She is not married. She completes
six additional years of credited service under the Sound Plan, earning an
additional pension benefit of $120/month, and retires on October 1, 2014.
When she retires at age 60, Joy’s total benefit under the Sound Plan is
determined after applying her Sound Plan early retirement reduction ($920 x
82% = $754.40/month). This is compared to her September 30, 2008 benefit
under the Drug Plan, using the Drug Plan’s factors $(800 x 85% = $680.00/
month). Because Joy receives the higher of these two calculations, she will
receive a pension benefit of $754.40 per month, payable as a single life
annuity. This amount would then be adjusted if she selects a different form of
payment.

DISABILITY PENSION

If you become disabled on or after October 1, 2008, the
provisions of the Sound Plan will apply, as described in “Disability
Pension” beginning on page 26. If you became disabled before
October 1, 2008, the provisions of the Drug Plan will apply.
Contact the Administrative Office at (206) 282-4500 or (800)
225-7620 for details.

LATE RETIREMENT PENSION

Your Late Retirement Pension Amount

If you continue working after your normal retirement date, you
will continue to accrue pension benefits while you are working.
Each year, 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, as described in “Late
Retirement Pension” beginning on page 30.

When you eventually retire, your late retirement pension benefit
will be no less than the actuarially increased value of your benefit
under the Drug Plan through September 30, 2008, using the Drug
Plan’s actuarial factors.

FORMS OF PAYMENT
The forms of payment available to you depend on whether you
earned credited service in the Sound Plan on or after October 1,
2008.

 If you do not earn any credited service on or after October 1,
2008, your benefits will be determined under the terms of the
Drug Plan as of September 30, 2008.

 If you earned credited service on or after October 1,
2008, your payment choices and adjusted amounts will be
determined under the terms of the Sound Plan. In general,