Page 84 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 82

Example: Deferred Eligibility for Post-Merger Benefits
As of July 1, 2010, Don is an Active participant in the Meat Plan at age 51 and
has 25 years of credited service with a monthly accumulated benefit of $1,000
per month. During the 4 Plan Years ending June 30, 2014, Don works full time
work and earns a monthly benefit of $100 and $25 for his hours during July
1, 2014 through September 30, 2015. During the period July 1, 2014 through
September 30, 2014, Don works 400 hours; during each of periods July 1, 2014
through June 30, 2015 and October 1, 2014 through September 30, 2015 he
works more than 1,000 hours. However, during the Plan Year October 1, 2015
through September 30, 2016, Don only works 350 hours in covered service
and is a terminated vested participant as of September 30, 2016. Don asks
what would his benefit be if he retires as of July 1, 2017?
On July 1, 2017, Don is age 58 and has 29 years of credited service from the
Meat and Sound plans (25 years as of June 30, 2010, 4 years during July 1,
2010 through June 30, 2014 and 1 year for having 1,000 or more covered hours
during the periods July 1, 2014 through June 30, 2015 and October 1, 2014
through September 30, 2015). Because Don has a break in service before his
retirement as of July 1, 2017 he is not eligible for Rule of 85 benefit under the
Meat Plan even though his age and years of service add up to 87.
Don’s early retirement pension on July 1, 2017 is the sum of the early
retirement benefits he earned under the Meat Plan prior to July 1, 2014.
Because he has not met the service requirements for early retirement related
to the benefits he earned after June 30, 2014, he must wait until Normal
Retirement to start these benefits. The early retirement benefit from the
Meat Plan is the greater of the regular Meat Plan benefit he earned for service
as of June 30, 2010 ($1,000 per month) and the total Meat Plan benefit he
earned as of June 30, 2014 of $1,100 per month, both multiplied by the early
retirement reduction factor as a Standard Reduced Meat Plan early retirement
pension (0.476) or $523.60 per month. The benefit earned on or after July 1,
2014 for service under the Sound Plan is $25.00 per month. Don will have to
wait until Normal Retirement to start this benefit.
On July 1, 2017, Don can start his pension benefit of $523.60 per month
payable as a single life annuity. This amount would then be adjusted if he
selects a different form of payment.

DISABILITY PENSION

If you are an active Meat Plan participant as of June 30, 2010
(were not retired as of July 1, 2010 and completed 360 Hours of
Service in the July 1, 2008 Plan Year (or you were first hired in
the last 6 months of this period) and become eligible for early
retirement and are “partially disabled”, you may begin receiving
a temporary early retirement pension if you declare your partial
disability at the time you apply for early retirement. Partial
disability means a disability due to bodily injury or disease that
prevents you from performing the usual duties of your occupation
in the industry. If approved, your temporary early retirement
benefit will start on the first day of the month in which the
Administrative Office receives your application. If your partial
disability progresses to a total and permanent disability within
two Plan Years of the date of the last Plan Year you earned a year
of credited future service, you may be eligible for “progressive
disability retirement”. If, within 36 months of the start date for
your temporary early retirement pension, you submit proof that