Page 70 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 68

when the same form of payment is offered under the Drug
Plan and the Sound Plan, your benefit will be the larger of

y Your total benefit using the Sound Plan factors, or
y Your Drug Plan benefit through September 30, 2008 using
the Drug Plan factors.
There is an exception if you retire before age 55, in which case
the Sound Plan factors apply only to benefits earned on or
after October 1, 2008, and to disability pensions.
For forms that are unique to one plan and not the other (such
as the 75% contingent annuity option), the adjustment factors
will be applied after your total Sound Plan benefit and your
September 30, 2008 Drug Plan benefit are compared based
on your age at retirement.

Normal Form of Payment if You Are Single

If you are single and do not earn any credited service on or after
October 1, 2008, the plan’s normal form of payment is the single
life annuity. Under this form of payment, you receive a monthly
payment for your lifetime. Once you die, no further payments will
be made from the Trust.
If you are single and earn credited service on or after October 1,
2008, the Plan’s normal form of payment is the single life annuity
(with 60 payments guaranteed on benefits that commence prior
to 2011), as described under “Single Life Annuity” beginning on
page 38.

Normal Form of Payment if You Are Married

If you are married, the Plan’s normal form of payment is the 50%
spouse option, as described beginning on page 38.

Your benefit will be adjusted based on your age and the age of
your spouse.

 Under the Sound Plan, the formula for determining this
adjustment factor is 92% plus 0.4% for each year the spouse is
older than you, or 92% minus 0.4% for each year the spouse is
younger than you.

 Under the Drug Plan (for benefits earned as of September
30, 2008), the formula for determining this adjustment factor
is 93% plus 0.3% for each year your spouse is older than you,
or 93% minus 0.3% for each year your spouse is younger than
you.

These factors may be different if you are applying for a disability
pension. Contact the Administrative Office for details.