Page 74 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 72

QUESTIONS AND ANSWERS

Is my eligibility No. In either case you will earn benefits under the
affected if I transfer provisions of the Sound Plan, provided your transfer
from a position as occurred on or after October 1, 2008. The only
a Drug employee difference will be to the regular pension amount you
to one as a Clerks earn and the terms governing reemployment after you
employee? transfer, as described in this Appendix B.
If your transfer occurred before October 1, 2008, you
are subject to the rules of the Sound Plan or Drug Plan
in effect at the time of your transfer. If this applies to
you, contact the Administrative Office for details.

How do benefits Your benefits under the Sound Plan are very similar
under the Drug Plan to the benefits you earned before October 1, 2008
and the Sound Plan under the Drug Plan. For example, you continue to
compare? earn service and pension benefits at the same rate.
However, the early retirement and payment form
adjustment factors are slightly different. Some are
larger and some are smaller, depending on your age
at retirement, the age of your spouse, and the form of
payment you select.
As a former Your regular pension is determined based on the
participant in the benefit you earn between October 1, 2008 and the
Drug Plan, how is date you retire or are no longer covered under the
my regular pension terms of the Sound Plan.
determined?
At retirement, your total pension benefit will be your
Drug Plan benefit earned through September 30,
2008, plus your Sound Plan benefit earned on and
after October 1, 2008. Because the benefit formula
is the same, the only difference in how your regular
pension is determined is the adjustment factors used
when you select a form of payment.

If I have 30 years of No. If you are eligible and retire before age 55, you
unbroken credited can begin receiving your benefit earned under the
service and retire Drug Plan through September 30, 2008. Once you
before age 55, am I attain age 55, you can begin receiving pension
eligible to receive benefits earned under the Sound Plan on or after
all of my pension October 1, 2008, if any. These benefits will be adjusted
benefits right away? by the Early Retirement Pension factors described
beginning on page 64.
When is my When you retire, your total benefit (including amounts
“minimum benefit” earned before and after October 1, 2008, if any) will
under the Drug Plan be determined using the adjustment factors under the
determined? Sound Plan. This amount will be compared with your
benefit under the Drug Plan through September 30,
2008, using the adjustment factors of that plan. You
will receive the larger of these two calculations.

Will my pension Your benefit earned under the Drug Plan will not be
benefit be suspended suspended if you return to work in a position located
if I return to work in outside the Drug Plan’s former geographical area
the industry before (Western Washington). However, amounts you earned
age 65, but in an area under the Sound Plan on or after October 1, 2008,
hat was not covered if any, may be suspended if you work more than 58
by the Drug Plan? hours in the industry during any given month.